The local market is treading water for now after a quick rise from the April lows and not inspired by the rise of overseas futures markets after Nvidia reported their latest earnings.
On the weekly time frame the logarithmic chart of the local index shows price below the midline of the channel.
On an arithmetic chart the local index looks to be nearing an over-extended level. Whatever way you choose to look at the charts the main thing is to be consistent and DO NOT change between the two until you see something you like.
Codan looks to be heading higher after quickly recovering off the lows.
Lovisa Holdings has moved above the down trend line.
Pro Medicus is close to all-time highs.
Despite some worries around weight loss drugs possibly impacting their bottom line Resmed is back above a support and resistance zone close to new highs.
Gold explorer Barton Gold is moving up fast for now.
Generation Development may benefit if the proposed superannuation tax goes through as people restructure their asset holdings to avoid it.
Wisetech keeps on trucking upwards at a hefty pace with only brief dips below the uptrend line.
Before the Nvidia results release the S@P 500 index looked to be stuck in no-man’s land in the middle of both a possible uptrend ready to bounce from a dip and a possible downtrend having just made a lower top. Which way will it go? The low demand US bond auction thing could lead to weaker market conditions eventually. Overnight futures markets show the Nasdaq index up nearly 2 per cent. Thanks to Asbury Research for the chart.
This bitcoin chart shows the Cappthesis analysts take on how far this rally might go.
The current Buffet Indicator reading is still very high in historic terms.
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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