The market was up a little today. XAO +0.3%. Mostly froth and bubble.
Nothing extraordinary pokes its head up and says - hey look at me - sell everything ... or ... mortgage the house and invest it all in the stock market.
The XAO poked further above the 50-Day Moving Average and above the recent 20-Day High. The Daily MACD is above the Zero line. All of that is positive.
The A/D Ratio was positive at 1.3 - firm, but nothing unusual in it. The Ratio of UpVol/DownVol was better at 2.2. That suggests a more positive tone to the market.
The 50-Leaders was up 0.4%. The Small Ordinaries was up 0.3%. So there's nothing in those figures - both more or less in line with the XAO. No particular bias to bullishness or bearishness.
(This is becoming the most boring post I've written for a long time.).
What colour is grey? Do you wear a cardigan and slippers? Do you drive a Volvo?
Boring is good - if you're an investor. When it gets exciting - get worried.
The usual provisos are apparent. Negative divergences are occurring. But the market is up.
I've put up just one chart to ensure you don't fall asleep in your rocking-chair complacency: a ratio chart of Consumer Discretionary to Consumer Staples.
It's looking decidedly bearish. So what? That's one of the key ratios to watch to see if the market is bullish or bearish.
Cheers
Red
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