Another reversal down day on the XAO. That's three out of the past five days that we've had reversal down days. (See the long 'wicks' on the candles.) And they've occurred right at overhead resistance. The bears are trying to break this lower, but haven't succeeded yet.
MACD still hasn't risen above the zero line.
UpVol/DownVol was positive today at a mildly bullish 1.6.
Small Ordinaries were down -0.2% while the 50 Leaders were up +0.3%. So risk aversion was evident in the market.
I think today was a tie between the bulls and the bears. The current impasse will be broken soon. Just which direction - I haven't a clue. I'll let the market show the way.
Up - above 4817 on the XAO.
Down - below 4706.
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