Wed. p.m. 2/2/22. Another strong day for Australian stocks.
XJO Chart.
XJO is experiencing a counter-trend rally. Longer term trends remain bearish. Until a lot more upside occurs, we have to maintain that we are in a "sell-the-rally" scenario.
The big falls in January did a lot of technical damage to the market. A counter-trend rally was not unexpected. It could continue, but the odds are against it at this stage.
Tonight in the U.S. (Oz time) the ADP employment report is published. This is a monthly report and closely followed for economic trends. It always has the potential of being market moving if it throws up an unexpected number.
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