The local market looks to be drifting lower for now. Can recent support hold as the prospect of fewer rate cuts comes into consideration?
The locally listed gold miners ETF GDX is making fresh highs after moving out of a sideways pattern.
Dicker Data has moved up from the lows.
Aeris Resources looks to be moving out of a bottoming type pattern.
The former market darling Dominos Pizza is down around 90 per cent from the peak.
Pro Medicus is off the highs and looks to be holding around these levels above the previous top for now.
Lithium stocks like Pilbara Minerals took a hit when a Chinese miner announced they would re-open an idle mine.
Cromwell Property looks to be moving out of the sideways congestion. Lower rates generally benefit the real estate sector.
The four year cycle on the US S@P 500 index has a tendency towards lower prices at this time of year.
US stock market concentration is sometimes cited by analysts as a risk for the market. This shows stock market concentrations from other countries is well above that of the US. Chart from Carson Group’s Ryan Detrick.
The S@P 500 index to a commodity index ratio looks to be at an extreme level again.
While most people keep an eye on lower short-term interest rates the long end of the markets 30 year rates are rising with some close to 2006 levels. Image from All Star charts.
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.
To order photos from this page click here
