XJO down today -2.49%.
XJO is in a steep down-trend and extremely oversold with RSI(14) at 27.16. Below 30 - we can expect a relief rally in the next day or two.
Today looked like capitulation to me. All eleven sectors were down. NewHighs/NewLows came in at 3.09%. It can't go below 0. Advances?Declines came in at 12.5%. Another very low reading. In the ASX200 (XJO) we had 9 Advances and 185 Declines. That's a figure of 4.64% Can it get any worse. Possibly - but not much.
The Australian VIX (Fear Index) reached a one year high today and finished at 18.54.
In European markets, Germany is currently up a little, about +0.1%. UK is up +0.22%.
The Federal Reserve is meeting this week. What they decide may determine the future of the stock market. If inflation remains their primary focus, we could see more declines in the stock market. If they hold off given the parlous state of the stock market, we may get a rebound.
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