8/9/22. XJO up strongly today.
XJO up today +1.77%, completely erasing the previous day's big fall.
The Index has plenty of overhead resistance which will be problematic for the Index.
After such a big surge today, expect tomorrow will be a narrow range day.
Until the Index gets above the 200-Day MA (big black line) the long term trend remains in doubt.
Breadth was good today with ten out of eleven sectors on the upside. The only negative sector was XEJ down -2.8%. It had to contend with dual head-winds. The biggest stock in XEJ is Woodside which went ex-dividend today. Overnight, Energy was well down, so that was another drag on XEJ today.
Currently in overseas trade, US futures are sluggish.
Our market can expect a narrow range, indecisive day tomorrow.
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