27/2/23. Finspiration Monday Evening Report.
XJO fell heavily today, -1.12%, following the big fall in New York on Friday.
XJO fell below the important 50-Day Ma today.
It remains below the 8-Day EMA. It first fell below that EMA on 9 February. I'd stay away until we see at least a break to the upside of the 8-DEMA.
The index is still not down to my preferred support zone - but anything can happen now.
The Index is oversold with an RSI at 35.22. CCI is showing a positive divergence - but that doesn't mean much until we see a good upside break.
Energy (XEJ) was the best performer today, +0.3%. Financials (XXJ) finished flat despite the big fall today. The killer today was, again, Materials (XMJ), down -3.1%. With XXJ showing resilience, this market will only need an upside movement from XMJ to start flying to the upside.
European markets are currently up strongly. German DAX up +1.16%, French CAC +1.11%.
American SP500 Futures are currently up +0.43% - following the Europeans to the upside.
At this stage, it is looking good for Australia tomorrow.
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