XJO finished up +0.16%.
Today, XJO tried to rise above the 5/200 Day Moving Averages. That failed as last hour selling took down the XJO. Selling like that at key resistance is bearish.
Until XJO can climb above those two important resistances and the Ichimoku Cloud, it's best to wait.
Selling came in late in the day, around 2.50 p.m. (Eastern Summer Time). That seemed to coincide with reports about shelling by Ukraine of separatist forces in Eastern Ukraine. That could provide a pretext for Russia to invade those areas. Ukraine continues to be an unknown for markets.
Reporting season continues and today saw a couple of negative results which impacted the market. Wesfarmers (WES) was down -7.5%. Telstra down -4.2%. Those are two heavy-weight stocks in the ASX.
NewHighs-NewLows Cumulative still favours a bearish scenario:
While NH-NL Cum stays below its 10-Day Moving Average, it's best for long-term investors to stay defensive.
At the Beijing Winter Olympics, Canada defeated the U.S. for the gold medal in ice hockey. That may not mean much to Australians, but that rivalry is akin to the Ashes Cricket rivalry between Australia and England. Disclaimer. I have an affection for the Canadian team as my two children were born in Canada.
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