Negatives:
- Strong showing by Defensive Sectors in an Up week.
- Relative outperformance by 50-Leaders over Small Ordinaries in an Up week (flight to quality).
- Warning signals in the Ozzie Dollar
- Recent stodgy performance by BHP. (It has moved up strongly after previous reversals.)
- Stodgy performance by 50-Leaders during the past two weeks of up movements.
- Warning signals from Chinese stocks.
- Reversal in the Weekly Leading Index from ECRI
- Daily MACD for XAO below Zero line.
Positives:
- Bounce by XAO off crucial 4500 support area.
- XAO above the 150-Day Moving Average
- Continued strength in the Dow Industrial Average.
- Continued strength in the Industrial Metals Chart.
The Negatives are largely “warning signals”. Until the XAO decisively crosses below the 4500 support level, the advantage continues with the bulls.
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