The good news is the market was up today +0.8% and recouped all of yesterday's loss plus a little bit. The bull uptrend remains intact.How convincing was today's action? To my eye - not very.
- Volume was below average.
- The best two performing sectors were Health +1.3% and Property Trusts +1.3%. On strong updays I want to see leadership coming from the biggies - the Miners and the Financials.
- Small Ordinaries, up +0.6%, Fifty Leaders, up +0.9%. On strong up days I want to see Small Ordinaries outperform the Fifty Leaders.
Still - it's hard to knock a day when the market was up +0.8%.
The market is still Overbought with the Daily Stochastic at 87 - the Overbought level is 80. Caution required.
Currently the market has formed an upsloping wedge. This is usually a bearish formation. A break above the top restraining line would, however, be very bullish.
Let's see what tomorrow brings.
I'll put up a couple of event stocks later this evening.
Good luck
Red
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