The lower chart is a short term chart of the All Ordinaries Index (XAO). 10-Days, one-hour intervals.The Index hit the overbought level of 80 today and the MACD is close to crossing negatively. The stock remains above the 13-period Moving Average. The Slow Stochastic has turned down and is now sitting on the mid-line of 50.
It's possible for this market to continue upwards - but the chances lean to the downside - but not necessarily in a dramatic fashion.
The Internals today were quite strong.
The A/D Ratio was 1.5:1 while the AdvancingVolume/DecliningVolume Ratio was even better at 1.9:1.
The Small Ordinaries were up at +0.9% while the 50-Leaders were up just 0.2%.
The 50-Leaders clearly were not all that strong. On the cumulative 20-Day NewHighs/NewLows the sum today was 0. Disappointing on an up-day for the XAO. But not so unexpected when we see the XFL only increased 0.2% - marginal at best.
The market has had a fair run-up over the past three days so a rest is not unexpected.
On the top chart, the 50-Day Moving Average looms just above the most recent candle. So we still might get an up day tomorrow before the market decides what to do.
I'm not expecting anything dramatic in the next day or two.
But ... you never know in the big city. :)
Cheers
Red
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