Finspiration Australia. Chart Analysis of Australian and International Stock Markets.

 16/5/22.  Today in Australia.

XJO up modestly today +0.25%.

The day started positively but sold off intra-day - note the long upper-wick on today's candle.

After such a big up-day on Friday, some weakness today is not unexpected.  Friday's action still looks like a decisive short-term turning point for the XJO. 

Industrials (XNJ +2.42%) and Information Technology (XIJ +2.14%) were the stand-out sectors today.  XNJ was boosted by BNB +11.22% which was boosted by talk of a take-over.  XIJ is a barometer of risk-on sentiment, so its rise today is a good sign for the market.

I'm still expecting more upside in the short-term.