ASX well down today but intra-day buying knocked off some of the fall. XJO -0.59%
XJO is now down close to horizontal support, we might get a rebound here or some consolidation.
After two days down, the Index has formed a double top but in the medium term the trend remains to the upside.
Ten of eleven sectors were negative today, with Telecoms the only positive +0.19%. Staples only just landed in the red -0.01%. Discretionary was third best -0.19%. XDJ is a cyclical sector so that's a promising sign. It showed distinct signs of intra-day buying.
Worst today was the highly volatile Information Technology (following the Nasdaq down). XDJ -1.63%.
In early European trading, stocks are down heavily following Australia. DAX -0.8% and UK FTSE -1.29%.
I'm looking for a rebound in the American market tonight to throw off the wobblies caused by the Fitch down-grade.
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