Today was an excrutiatingly slow day, with the XAO down initially by 17 points. Then, like clockwork, at 11.00 a.m. the index headed upwards to finish up 9.7 points or 0.2%.Surprisingly, volume was good - about 1.3billion shares on the XAO.
I still can't see that this is any more than the pause that refreshes. There's a small divergence on the MACD Histogram - but nothing else seems to be threatening. The RSI is still fine.
As far as sentiment goes - the 50-Leaders was up 0.3% and the Small Ordinaries up 0.2% (on par with the XAO). So there's nothing in that.
A/D Ratio was mildly positive at 1.1. While UpVol/DownVol was better at 1.4.
This morning the Ozzie Dollar was at 0.908 and is currently at 0.909. So that's supportive of a consolidation rather than a reversal.
Overnight, the Industrial Metals were down a bit at 0.3% which (combined with a weaker Dow) probably caused a little profit taking in the Materials Sector. The Materials Sector finished the day down 0.6%.
Looking at the Intra-day chart, the RSI and Williams %R haven't been below their mid-lines since Monday of last week. A break by the RSI below 50 might see a reversal occurring, but, until that happens, there's not too much to worry about even in the short term.
So - until we see a break of the uptrend line on the Daily Chart - it's steady as she goes.
Cheers
Red
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