The XAO has paused at a clear horizontal resistance level.Yesterday it broke back above the important 150-Day Moving Average. That's a bullish development.
Today the market was down a little (-0.3%). Not surprisingly, the market had a defensive tone. The S&P Industry Sectors which were up were: Consumer Staples, +1.5%; Telecommunications, +0.8%; Information Technology, 0.8%; Health, 0.4%; and Utilities, 0.4%. Four of these are the standard Defensive Sectors - and, in Australia, Information Technology also often runs counter to the general run of trade.
So five out of ten sectors were up, although the "biggies" (Materials and Financials) were both down.
The Advance/Decline Ratio was slightly on the bullish side, 1.08, and the UpVol/DownVol Ratio was at a similar reading, 1.07.
So - no real damage done today. A day which I expected to be a consolidation day after yesterday's big run up. Nothing in today's trading suggests that the current trend has reversed.
Cheers
Red
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