Volume was the highest of the past six days. That's a concern.
The Small Ordinaries was down more than the general market: -1.3%%. The Advance/Decline Ratio was weak 0.61:1.
Today the market broke back below an important oblique uptrend line and below the 13-Day Moving Average. That's a negative - but not terminal.
Technical comments today:
- MACD Histogram remains marginally below the Zero line.
- RSI - 53.6. Positive
- Stochastic (49.7) and above its signal line. Positive
- CCi finished at 36.1. Positive
Today's market was a surprise drop to the down side given that overseas markets had risen during our well earned rest. And there's not much to like about today's action.
Let's see how tomorrow pans out. A down day would be very bearish.
Cheers
Redb
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