The local market’s momentum is clearly down over the past few days with the US war on Iran creating a lot of uncertainty in global markets. Even today’s session is trading lower than the open.
The local markets slow upwards grind from the 2009 lows continues.
The US Dow Jones Index briefly hit a new 2026 low before rebounding last night. One old analysts saying that comes to mind is that when in doubt stay out.
The rising Australian dollar has been negatively impacting non-hedged US based equity ETF’s as shown below with this chart off the Firstlinks webpage from Morningstar. One of the risks for overseas investment is adverse currency movements.
With some increasing liquidity coming from the US Federal Reserve Bitcoin jumped around ten per cent overnight as did the IBIT bitcoin ETF. Will this be the start of a fresh uptrend or the dreaded dead cat bounce?
Some of the heavily knocked around stocks like Pro Medicus caught a small positive bid yesterday.
New Hope coal was one of handful of positive gainers yesterday.
BHP which has had a nice run up recently looks to have stalled for now.
Oil prices tend to spike for short periods of time in these war type situations.
After breaking out above resistance can copper have a strong rally similar to gold? Chart from TrendLabs.
This interesting chart comes from ASX Trader David Bird on facebook and shows where a decent downtrend in the Magnificent Seven could get to, OUCH.
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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