The local market was down around 5 per cent from last week. The large rise in interest rates has broken a US regional bank with the Federal Deposit Insurance mob coming to the rescue and guaranteeing customer deposits. The local market edged up above 7,050 points at lunch today.
The current pattern on the Nasdaq index could be interpreted as a slightly bullish type flag pattern.
The price of Silicon Valley Bank was in decline for some time before last week’s collapse.
One analysts view of the long-term price of gold is that we are still in a bullish and elongated cup and handle pattern.
Gold miner Northern Star looks to have found some support at these levels.
Pilbara Minerals is testing recent lows.
Computershare has gapped down below the possible support zone.
MA Financial moved below the sideways congestion yesterday, will it rebound today?
Neuren Pharmaceuticals is one stock to move higher after posting a positive announcement.
A chart of how the US stock market performed after the Federal Reserve started cutting rates back in early 2001.
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.
Monitor, measure, manage and maximise… Cheers Charlie.
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