The local market is up around 4.6 per cent today after ripping up around 6 per cent at the open. All this after Wall Street staged a dramatic recovery after President Trump made an announcement on the postponement of Tariffs for some countries for 90 days. Markets took off like a rocket with the Nasdaq Index climbing 8 per cent in a stunning 35 minutes of frenzied trading. Will this be just a part of a rebound from very oversold levels or the beginning of something more substantial? Local stocks were briefly at early 2023 prices.
This 30 minute chart of the US SPY EFT shows how fast the market rallied after Trump broke the better new on tariffs.
Growing uranium miner Boss Energy jumped higher today and is yet to break out of the current downtrend.
Woolworths looks to be bouncing off the lows.
CSL broke down out of the large sideways range. Will this turn out to be a false break like 2023 or the start of a new trend lower?
This US Nasdaq based ETF has had a very timely bounce off a support zone around the 2021 highs and the March 2024 lows. Coincidence is NOT necessarily causation. The uncertainty over what President Trump and his team might do next could weigh on world markets for some time yet. Rumors suggest there were some worrying signs in the US Bond market before Trump made the announcement.
This trend channel encompassing the upwards move of gold shows the metal is overbought to some degree. Time for a pause perhaps.
Woolworths looks to be finding a low at these levels.
Global miner BHP moved up from a support zone for now.
Select Harvest looks to be setting up for a nice run higher after bouncing off the support zone.
The A2 Milk company has a similarly positive looking chart.
This table shows the magnitude of Wednesday’s massive rise in the context of other big rallies over the past 30 plus years.
Disclaimer: The commentary on different charts is for general information purposes only and is not an invitation to trade. Trading is risky and individuals should seek Professional counsel before making any financial decisions. Many thanks to Incredible Charts.com software for most of the charts used in the column. Cheers Charlie.
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