Thu. p.m. 20/1/22.  Oz market defies fall in America.

XJO up today +0.14%.

XJO found support at the 200-Day MA and the top of the Ichimoku Cloud.

It was down early in trading, but intra-day buying took the Index back up into positive territory.

Despite the positive final result, our market was seriously skewed.  Only four sectors were up.

     Energy +0.8%

     Materials +3%

     Health +0.3%

     Utilities +0.5%

The positive result was clearly dependent on the resources.  Utilities tends to benefit from increases in the price of Energy.

Unless we see a return to favour for the XXJ (Financials), this market remains fragile.

Today's action was promising. 

Despite what you hear on the press, XJO often leads overseas markets.  Today's action might be a case in point.  Currently, both German and UK are showing solid if unspectacular gains.

I feel confident that the current pull-back is over.  But we need to see follow-through buying tomorrow.

Technically, that's a positive result.  We need to see upside buying tomorrow.