1/3/23. Finspiration Wednesday Night Report.
XJO was flat today.
The chart candles show two "inside babies". Two small candles well within the range of Monday's wide range candle. That's usually a bullish sign but needs confirmation of a big upside day.
Stochastic (bottom panel) has been in the oversold section below 20 for over three weeks. That's plenty of time to elapse before a move to the upside.
Despite the flat finish there was plenty of action today. The market was well down by 11.00 a.m. but then the GDP figures came out - which were disappointing. Bad news was good news - so the market rebounded - hoping for some easing of interest rate rises.
Energy was up +1.6% today, but that was eclipsed by Materials, up +2.3%.
They were the only two sectors positive today. Telecoms was worst -2.3%. Financials didn't fare well, down -1%.
Let's see if we get a good upside move tomorrow.
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