If today's close ends up below the last candle, we have a situation where this index will turn bearish for a while. We hit R2 pivot level from last month, which is also near Quarterly Pivot
Note
The banks and large resource stocks in the ASX20 still looked bullish on Thursday's close. So the XJO may hold a little higher up to Last month's Quarterly R1 pivot before it looks weak again. These stocks have held up our market really well over the last few weeks, expecially when comparing it against the S&P, NASDAQ and Dow.Note
We still need a close below 7430 for the market condition to look bearish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.