In the weekend report I mentioned the weakness in the Small Ordinaries compared to the general market.
That weakness continued today with the XSO down -0.1% while the 20-Leaders were up +0.7% and the XJO (ASX200) up +0.6%.
The lack of breadth in today's action is confirmed by looking at the Advances/Declines which today had a ratio of 1.03 - basically flat.
Meanwhile the AdvancingVolume/DecliningVolume was mildly bearish with a ratio of 0.93. This is not what one expects on a relatively strong up day.
Today's action was an inside day on lower than normal volume (though it is Monday which is often a low volume day).
Altogether though, the picture is not one of broad strength in the market.
We might have another couple of up-days. But I'll be surprised if Friday is much higher than today.
Good luck
Red
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