The Australian market had a disappointing day today after a strong U.S. market on Friday. XJO -0.4%.
Chart for STW (ETF for XJO):
STW remains in a counter-trend up-trend but beginning to roll over. It remains above the 10-Day MA and two of the three Supertrend lines.
The chart is constrained by the 50-Day MA. It has to get over that to assert its bullish credentials.
Point of Control (long narrow rectangle from the left hand side of the chart) remains as an inflection point for the market. Break upwards above the 50-Day MA from the Point of Control would be very bullish.
Only one sector was up today, Utilities +0.34%.
Financials -0.52% took a hit today when the ANZ report was greeted poorly by the market. ANZ -3.02%. There was, however, some intra-day buying and the chart is close to a support level and remains above the 200-Day MA. So ANZ could rise from here until it gets hit in a few days with an ex-dividend event.
Energy was the worst performing sector today -0.88%. XEJ has been in a long down trend now since mid-October, almost a month.
European markets are up strongly in early trading. STOXX600 up +0.74%. Dow Futures are flat -0.09%.
Good luck.
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