See charts below with an On Balance Volume indicator and the Money Flow Indicator using a 13 period
Because the US market is flying so is ours. One of the challenges we have of analysing the chart above is that at times it may not be the best indicator of how the Aus market is really performing. The Index above is dominated by a few sectors, mainly resources and banking so if those two sector rise so does this index. For example, the last 9 weeks BHP (and many other resource stocks) have been in a short term down trend. That price action in one of the biggest sectors - affects the look of the Index above.
If you consider that over the last few weeks (probably months) the Mindful system has been giving many buy signals across other sectors apart from the two big ones mentioned above. This indicates a broad based rally not being shown in the XAO Index.
Last week I mentioned I could see a rotation perhaps occurring. Last night in the US and UK there was a big rally in commodity stocks. Gold, Uranium, Lithium, Oil, Copper and others - all rose, one of the few laggards was Iron ore. One would "expect" a rally in those stocks on Monday, bearing in mind we should not expect anything, as anything can happen in the market. Your focus needs to be on probability and risk control not expectations and predictions.
So, the chart above. Well I often say price is the ultimate indicator - and in this case its leading the volumes. I suspect the indicators on the chart above will look a lot stronger after Mondays close.
Alerts below - lots of em.
Cheers
Peter