XJO down today -0.73%.
XJO remains within its recent trading range where it's been since late February.
Today's candle is "in the Ichimoku Cloud" which is a "don't trade" zone.
XJO could go either way, but it has so much overhead resistance, the line of least resistance is to the downside.
Resources were hit today. Energy (XEJ) down -2.9%. Materials (XMJ) down -3.7% after iron ore fell heavily.
On the upside was Financials (XXJ) +1%. XXJ is the biggest sector in the ASX and that saved the market from some dramatic falls today.
Also rising to the upside was Telecoms (XTJ) up +0.7%.
Breadth today was poor. Advances/Declines = 422/963. New Highs/NewLows = 11/87
Until these two charts get above their moving averages - stay defensive.
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