XAO Technical Analysis

[Gringotts Bank]

4841 will be passed tomorrow. I reckon a top of4874 tomorrow, followed by a fall.

A day out with that prediction unfortunately. I don't think it has legs. At least i can't see any trades.

 

[zzaaxxss3401]

Any ideas where the XAO is headed? This thread has been pretty quiet, for a while.

tech/a - is there any update on the EW count? It looks the weekly chart may have been the correct count: heading back up towards 5500.

 

[Kryzz]

Any ideas where the XAO is headed? This thread has been pretty quiet, for a while.

tech/a - is there any update on the EW count? It looks the weekly chart may have been the correct count: heading back up towards 5500.

Index might come off a bit in the near term if this divergence kicks into gear tomorrow (looking like it will given how futures and overseas markets are performing today/tonight).

 

[Gringotts Bank]

Some decent sized falls ahead . While the index hasn't show it yet, many stocks are breaking to the downside. No buys other than gold stocks, and they might be at the end of their run soon.

 

[CanOz]

Some decent sized falls ahead . While the index hasn't show it yet, many stocks are breaking to the downside. No buys other than gold stocks, and they might be at the end of their run soon.

What are the market internals saying?

 

[Gringotts Bank]

What are the market internals saying?

466 Advancers
320 Decliners

I don't know of anyone publishing the other indicators.

I think I'll reassess things this afternoon. I'm really not in tune at the moment. Zone factor is about 1/10.

 

[Gringotts Bank]

Someone else say something.

I'm in one of those moods where I know whatever I trade is going to go against me.

 

[skc]

Someone else say something.

I'm in one of those moods where I know whatever I trade is going to go against me.

There's nothing to say! The XAO overall doesn't look to have a strong inclination one way or the other.

It's reporting season so unless you are trading the index, individual stocks pre- and post- reporting will offer much better trading opportunities imo.

 

[Trembling Hand]

Someone else say something.

I'm in one of those moods where I know whatever I trade is going to go against me.

Lack of confidence?

 

[Gringotts Bank]

Lack of confidence?

Lack of a good chair.

 

[Boggo]

... It looks the weekly chart may have been the correct count: heading back up towards 5500.

Tend to agree on the weekly, this pattern still in play...
https://www.aussiestockforums.com/f...=4888&page=464&p=782804&viewfull=1#post782804
(click to expand)

 

[Gringotts Bank]

Maybe some exercise will help me get my mojo back. :walker:

I don't want to have to go back to the 60's. :aliena:

 

[Gringotts Bank]

Some decent sized falls ahead . While the index hasn't show it yet, many stocks are breaking to the downside. No buys other than gold stocks, and they might be at the end of their run soon.

Decent enough falls anyway. If it goes below 5000, look out.

 

[Country Lad]

The chart below is from a Bell Potter Investor Report discussing the global sharemarket. It shows the various sharemarkets' performance since the US 10-year bond yield low of 1.6% on 2 May.

I am sure they won't object to me posting it here.

Cheers
Country Lad

 

[Trembling Hand]

Country Lad when was that taken to?

 

[Country Lad]

Country Lad when was that taken to?

End of July, I received the report, "Global Sharemarket Perspective" on 9 August. Since then the All Ords is up 1% and the S&P 500 down 2% so the comparison of the two would not have changed that much to now.

Cheers
Country Lad

 

[Snagglepuss]

The XAO closed at 5104.1 on 2nd May, and at 5035.7 on 31st July. That's a drop of only 1.34%.

Over the same time period, the Australian dollar dropped around 12.3%. My guess is that graph is showing the decline of the various markets measured in USD. In which case, it is reflecting the change in the exchange rate more than anything else.

 

[Gringotts Bank]

Crossed 5142 just then. Not a bad effort. Fresh ground.

 

[Gringotts Bank]

Rejected fresh highs yesterday, but further drops look unlikely. Will be sideways for a while.

 

[CanOz]

Rejected fresh highs yesterday, but further drops look unlikely. Will be sideways for a while.

Big consolidation pattern on the 60m SPI chart