Australia is in a new era after nine years of Liberal/National governance, Labor has taken control and Anthony Albanese is now Prime Minister. Historical data from Commsec suggests the market will be up one week and three weeks after the election. As always, history is no guarantee of gains in the future.
Today, the XJO was flat. Up +0.05%.
XJO remains knocking on the door of an upside trend change. Today's tombstone candle which indicates intra-day selling isn't a vote of confidence.
We need to see all three Supertrend Lines into yellow. Currently we've got two yellow and one blue.
MACD is also knocking on the door of a trend change. We need to see that histogram change from blue to yellow.
Hopefully we will see three yellow in the near future. But hope doesn't work in the market. Let's wait and see how it pans out.
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