The XAO was down today -0.35% after rebounding off its lows in the first hour of trading. That in itself is a positive.The Advance/Decline Ratio was positive at 1.1.
The 50-Leaders was down 0.5%. The Small Ordinaries was up 0.3%. So strong optimism was present in the market.
The usual momentum indicators have not turned to the upside, so this market remains in the balance. A good night on Wall Street should provide a boost for a market - in the short term.
The Monday before Options Expiry has a good positive record, so tomorrow on our market may be positive.
Given the optimism in some sectors of our market today, tomorrow could be a strong up day. It all depends on tonight's action in America.
Long term trend - down
Medium term trend - neutral
Short term trend - neutral.
This market could easily turn upwards. In the short term.
Cheers
Red
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