22/2/23. Finspiration Wednesday Evening Report.
Again today, like yesterday, we saw the XJO open well down at the opening, but intra-day buying took off most of that selling after the Wages Report came out at 11.30 a.m. While employment remains strong, wages growth remains muted. The market took that to mean that pressure has eased on the RBA to raise rates. So, the market rose at 11.30 a.m., not enough to erase all losses, but the long lower tail on today's candle shows how strong was the intra-day buying.
Utilities (XUJ) was the best performing sector as a result of further news about the take-over of Origin Energy. XUJ up today +4.8%.
Consumer Staples was the next best performer as a result of Woolies rising +2% after reporting this morning. Unlike Coles the previous day, there was no backsliding during the day on the WOW price.
Santos also reported and finished u +3.1% and that helped the Energy Sector to finish up +0.9%.
Despite heroics by bulls in the past two days, the trend in the ASX remains to the downside.
A positive divergence on Stochastic suggests we could see some upside. We need to see a strong bullish candle for that to happen.
In overseas markets, Europe has opened to the downside, but Dow Futures are currently flat. Anything can happen between now and close of trading in NY.
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