15/8/23. Tuesday Evening Finspiration Report.

 Australian market finished modestly higher today, XJO up +0.39%.

The past two days have shown good volume on the STW (XJO tracking ETF) which suggests the current pull-back could be over.  The chart remains above the 200-Day MA and the Base Line of the Ichimoku system.   That's solid support.  But it remains below the Conversion Line of the Ichimoku and the 8-Day EMA.  I'd feel happier about more upside if the chart can break above the resistance of those two lines.

The chart remains within the range of the first three days of August (see blue rectangle in above chart).  A new medium term up-trend would be signalled by a break above that range.

Eight sectors were up and three down, so breadth was good.

Health did best today, up +3.16%.  So the big downside movement in Health may be over.  Here's the chart for Health:

That's a great upside reversal from an Accumulation phase in XHJ.  Don't expect the same tomorrow, but the medium term looks brighter for the big stocks in Health.