The market today (XAO) was up just 1.4 points - not enough to register a percentage rise. The percentage rise today was 0.0%So - today was a non-event on the stock market. hmmm. maybe.
Looking at net newhighs/newlows on the 50 Leaders, this chart just nudged over the 5-Day MA today. hmmm.
Maybe the internals were a bit stronger than the general market.
What does that mean? Well - the market, as measured by the 50-Leaders was held back by a couple of stocks, but the underlying strength of the market was good.
Looking at the Advance/Decline Ratio and the AdvVol/DeclVol Ratio - there was a discrepancy.
A/D Ratio was below 1 (bearish), the AV/DV Ratio was above 1 (bullish).
So - the market internals were pointing to a slightly more positive day today than suggested by the raw Index figures.
Let's not make a new mountain (trend) out of a mole hill (a sideways movement).
The market is still within the trading range 4500-4300 - until it breaks out of that, one way or another, the market is in limbo. But at least the internal strength today gives some hope to the bulls.
On the other side of the coin, the Small Ordinaries today was down -0.4%. So, maybe, the internal strength in the 50 Leaders was just a matter of institutions switching into less risky big cap stocks.
Let's wait:
Up - above 4500
Down - below 4300.
Cheers
Red
No comments:
Post a Comment