Nothing much to say today. The market finished virtually flat. Virtually everything was flat.
The A/D Ratio was 0.93 - flat. The UpVol/DownVol Ratio was 0.98 - flat.
The best performing sector was the Financials Sector, up 0.4%. Nothing to get excited about there.
In a general sense the only thing worth commenting on was the disparity, once again, between the 50-Leaders and the Small Ordinaries. 50-Leaders, up 0.1%. Smal Ordinaries, down 0.5%. In itself today's reading is nothing to get carried away about - but it does continue a run of readings in recent weeks where the 50-Leaders are preferred over the Small Ordinaries, i.e., a flight to quality - and bearish in its implications. That is no good as a timing tool, but sets the context for making decisions. This market in the past couple of weeks has been "stodgy" - not just today. Just look at the angle of ascent in the chart of the XAO during this rally - it is quite low. Again - no good as a timing tool - but something to keep in mind.
The candle today was a small dragonfly doji - which at the top of a short-term uptrend often spells a reversal or at least a consolidation.
Given my comments this morning - it looks like we're in for a couple of days of sideways, maybe slightly down, movement.
Cheers
Red
No comments:
Post a Comment