5/4/23. Australian market finishes flat today.
XJO finished just up today, +0.02%.
Today's candle is a doji which is often an ominous signal coming at the top of an up-trend.
Today was the eighth day to the upside. That's getting a bit old for a short-term up-trend. Of course, it can go higher, but the probabilities now lie to the downside.
Despite the marginal upside finish, breadth was good with nine out of eleven sectors finishing in positive territory.
Negative sectors today were in the resources: XMJ (Materials) -0.6% and XEJ (Energy) -0.6%.
Amongst the large cap stocks today, BHP -1.5% and Rio -0.9% were the worst performers.
Best performer was Telecommunications +0.8%. Three sectors recorded rises of +0.7%: XIJ, XNJ and XHJ. Those three sectors are now sitting at strong overhead resistance - adding weight to the idea that we may see a pull-back.
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