Today, the XJO blinked. Yep - it was way up just after the start at 10.00 a.m., then it thought, "On No, we can't be way up here because anything could happen tonight. Like - a horrendous CPI report in America." So the XJO blinked, fell, and finished up just +0.38%.
Maybe the XJO had the CPI in its mind, but - the chart also hit the 200-Day MA (that's the big black curvy line on the chart) and the traders at Dogsbody Brokers Inc. said, Nah - can't get over that line, and sold off the Oz Futures.
If you want a sane, sensible view of today's action - tune in to that famous Guru, Alan Kohler, on the ABC at 7.20 p.m. for his Investment Hindsight Show.
Here's the XJO Chart:
Besides the 200-Day MA on the chart, there are some other lines happening right at the confluence of the 200DMA and today's candle.
Welcome to the Magical Mystical World of Ichimoku.
Today's candle failed when it hit the lower edge of the Kumo Cloud and the Conversion Line (blue).
That's some powerful portents there on the chart. (Listen - you can hear Shakespeare's witches garbling, Double, double, toil and trouble; fire burn and cauldron bubble.)
Meanwhile - back in the real world - the Blues and Maroons are gearing up for an almighty fight in Sydney - Origin III
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