18/1/2023. Finspiration Wednesday Evening Report.
XJO had another narrow range day which finished flat, XJO +0.1%.
Two doji, narrow range candlesticks coming at the top of a trend usually means that the index is topping out.
This chart looks promising for the long term investor. The NH-NL Cumulative is now above the 10-Day MA and the 21-Day MA. The 10-Day MA is close to a bullish cross-over above the 21-Day MA.
This is a long-term indicator and should not be confused with short-term indicators that can jump around quite a bit. While the NH-NL Cum stays above the 10-Day MA, long-term investors can feel comfortable about their investments.
Six sectors were up today and five down. Best performer was XIJ (Info.Tech.) +1.7%. Next best was XHJ (Health) +0.9%. That's an odd mix of Offensive and Defensive Sectors.
Tomorrow, BHP is scheduled to provide a production report. That could be market moving.
In overseas trading tonight, European indices are mainly flat - much like Australia today.
Stay Safe.
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