XJO up today +0.81%
Despite the big rise today, XJO only made up about half the fall from Friday. That’s not a big show of confidence from the market.
The chart remains below the key 50-Day MA. The 20-Day MA is within striking distance of finishing below the 50-Day MA – a death cross. RSI remains below its mid-line and CCI remains velow its zero line.
Our market remains bearish. We need to see more positive action to be sure that a bullish trend is back on the chart.
All Sectors were up today, although Energy (XEJ) only just made it into positive territory +0.01%.
Best performer today was Real Estate (XPJ) +1.69% closely followed by Technology (XIJ) +1.68%. Both of those sectors are interest-rate sensitive, so traders must sense the possibility of an RBA rate cut.
Financials (XXJ) was seventh on the Leader Board of eleven stocks. XXJ up +0.62%
Early overseas trading has seen European stocks rise, Euro STOXX600 up +0.37%.
Dow Futures up a little +0.11%. Nasdaq Futures a little better than the Dow, +0.25%.
Ozzie overnight Futures down a little -0.07%.
After such a big up day today, I’d expect the Ozzie market to pause or fall back tomorrow.
I’ve recently noted that the U.S. Indices are at a critical level. I’m expecting a fall in the U.S. tonight – which could seriously affect the Ozzie market tomorrow (if it falls).
Good Luck
Australian Market Report 