Volume was below average. Just under 1billion shares traded. That finishes a week of low volume. I thought this might be a pre-Easter effect - so I checked on last year's volume. A similar fall off in volume did not occur then. So this year's pullback in volume is a concern.
The Small Ordinaries was in line with the market +1.2%. The Advance/Decline Ratio was strong 1.97:1.
Today the market moved further above two important support levels:
- the 50-day Moving Average
- horizontal support at 4809.6
Technical comments today:
- MACD Histogram remains marginally below the Zero line.
- RSI - 58.5. Positive
- Stochastic (35.6) still hasn't crossed above its signal line.
- CCi kicking up and finished at 48.6. Positive
Today's market consolidated on yesterday's strong gains. There's no indication that I can see in today's action that we're close to a short-term top.
America now has three trading sessions before we open again. Anything can happen in that time span. I was surprised that our market didn't sell off in the late afternoon session given the uncertainty that might lie ahead in American action. But I guess the bull is on a run.
Good luck
Red
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