See charts below with an On Balance Volume indicator and the Money Flow Indicator using a 13 period
I have been mentioning the volume indicators for a few weeks now - they still look indecisive. Traders and investors are still deciding what to do, buy, sell or hold. There could be a rotation on in my opinion, as money looks for the best place to be. There is weakness in the Materials and Energy sectors which are some of the biggest sectors, its dragging down the XAO. Even Health had a fall this week but that was probably largely impacted by PME. But there is huge strength in other sectors like Tech, Discretionary, Industrials and Finance. This "rotational" strength is reflected in the number of 52 week closing highs this week.
PME: well I mentioned it last week and it bounced well rising over 12% this week. In my opinion it shows the value of learning to read oversold bullish divergences like PME was showing last week. I think I should write a paper on it for those interested - let me know if that's a good idea by writing to me here....
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Apologies: to those who logged in last week to Go Markets seminar to hear me present. A combination of technical and family occurrences made it impossible for me to attend. Mike Smith from Go Markets has kindly organised a special "catch up" conference this coming Wednesday night at 8pm. Below is the seminar link for Wednesday night
https://register.gotowebinar.com/register/8843010719428854103
Until next week, 52 week closing high alerts below - lots of them.
Peter