Finspiration Australia. XJO down but not out.

 At one stage today, XJO was down -1.2%, but finished down -0.5%.  It clawed its way back off the canvas after receiving a knock-out blow in the early period of trading.

XJO fell below a couple of major supports, the 8-Day EMA and horizontal support but finished above both of those today.  Not a bad effort.

But, we do have the first real evidence of a pull-back with the Hull MA13 switching from yellow to blue, i.e. bearish.  That's the most short-term indicator on the index chart.

RSI has turned down and the CCI has been falling since mid March.  It is often early but rarely wrong.

Best performing sector today was Financials (XXJ) up +0.7%.  Without that, it would have been carnage on our market today.

In early overnight trading, Europe is down, Germany about -1% and UK -0.2%.  That may not be a good indicator of what will finally happen tonight as the Europeans are following the negative results rolling around the globe after the U.S. fell last night.  It all depends on the U.S. tonight.  But the intra-day buying in Australia was a positive.