XJO up today +1.1%.
The index remains in its sideways consolidation and continues to have strong overhead resistance.
Action today was potentially bullish as we saw lots of switching out of previously strong sectors boosted by the war in Ukraine (Energy -2.5%) and Materials -1.8%) and into sectors less affected by the Ukraine War: Financials +2.8%, Information Technology +3.3%, Industrials +2.7% and Property +2.5%.
The fall in Materials (XMJ) was exaggerated by RIO going ex-dividend. RIO was down -7.7% but ~6% of that fall can be attributed to the ex-dividend effect.
MYR (Myer) was a stand-out today, surging +24.4%. That is a reversal of its down-trend which started in September 2021.
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