Today the XJO (ASX200 - chart above) finished up 1.2%. Volume was solid without being spectacular. That's good - very high volume on a big up day often conceals selling by the "smart money".
Other major indices today:
- XTL (Twenty Leaders) +1%
- XFL (Fifty Leaders) +1% XFJ (Financials) +0.6%
- XMJ (Materials) +1.9%
- XSO (Small Ordinaries) +1.6%
The best performing Sectors today were Materials +1.9%, Info.Tech. +1.8%, Energy +1.7%.
Technical Comment on the ASX200 Market:
- The Index is below 50-Day MA and the 13-Day MA. Negative.
- Indicators:
- Slow Stochastic 18.8 and rising above its signal line. Positive.
- The 13-Day MA is above the 50-Day MA. Positive RSI 47 and rising. It has broken above its down trend line from early April. Positive.
- MACD Histogram below Zero. Negative. but rising.
- MACD below the Zero line. Negative
- CCI -79.7 and rising. It has broken above -100 for a buy signal.
In the 50-Leaders the ratio for Advancers and Decliners was 5.1:1 - very bullish. The A/D Ratio for the general market was 1.5:1 - positive but not especially so. I'd prefer to see the A/D line for the general market better than that on a strong day. The Small Ordinaries (top chart), in the short term, continues to outperform the XJO. That's a positive.
Today's performance was good. The market now needs to confirm with some follow-through buying.
Formidable resistance lies overhead.
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