3/1/2023. Finspiration Report, Tuesday Evening.
Not a good start to the New Year with XJO down -1.31%. A rally which started at about 1.00 p.m. knocked the worst of the losses from earlier in the day.
XJO Daily Chart.
Today's losses take the XJO down to the 50% retracement level of the two month rally which lasted for October and November. So that could be a possible support level.
A move by Stochastic RSI above its mid-line could be a "buy" signal.
Losses today were exacerbated by large numbers of ETFs going ex-dividend and many of the banks' hybrid notes also going ex-dividend.
XJO One-Day Chart.
We can see in this chart the rally which occurred from 1.00 p.m. today. That took the market up to the 23.8% retracement level of the day's range (high to low). That's not sufficient to give us optimism about continued buying tomorrow. (But better than a kick in the teeth.)
Most of the major European exchanges are not yet open for trading, but Italy has opened and is up +1.9%. That's a big difference from the pessimism which covered Australia today.
Dow Futures are currently up about +0.4%. Again - very different from Oz.
I suspect that today's big down day on the Oz market was due to some big players taking advantage of low volume holiday trading to manipulate the market to the downside. Expect an up day tomorrow.
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