ASX Opinion: Going A Bit Glass Half Empty
There was a MACD sell signal on the ASX 200 this morning. We have discussed cashing up a bit in the portfolios this morning but decided that this is hardly a Collins Class moment (when Wall Street falls 3% in a night), it is simply a regular short-term loss of the recent very strong upside momentum. No reason to call the top on any more than a short-term basis.
Here is the daily chart the ASX 200 showing the recent RSI sell signal and the MACD sell signal:
The ASX 200 rarely gets overbought on a weekly basis but is very close to being so at the moment and is as overbought as it's been since the top of the market in October last year.
The more interesting observation is that the Australian market, courtesy of a sharp jump in the bank...Continue Reading