26/7/22. XJO up a little today.
XJO up today +0.26%. It is edging towards the Kumo Cloud which represents resistance.
Short-term, XJO remains in an uptrend. Longer-term the trend is down. Usually, the long-term trend wins out.
The best performing sectors today were the resource sectors, XMJ up +1.6% and XEJ +2.8%.
As Australia is a Resource dependent economy, that's a plus for the market.
But our market still depends on the tides of the international market and the effects of interest rates set overseas.
We have to wait on the release of the Federal Reserve interest rate decision and the market's reaction to that.
At the moment, our market is causing in neutral, waiting to see how things go from here.
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