In This Issue
Stabilising US markets and stronger leaders in Oz
Interestingly, both the All Ords and Metals and Mining Indices have bounced back into short term uptrends. Both are approaching resistance lines that date back to highs a few months ago. Watch over the next week to see if the All Ords can close at 5,900, and the Metals and Mining index can close above 3,800. If so, it will be a very bullish sign. If they turn down at these levels it means that there is further work needed before we can get too excited.
Looking specifically at last week, we started to see some sort of a sustained recovery in the Dow that has delivered a 5.3% rise by close of business on Thursday, since the low of 22,686 on 3rd January. This was probably spurred on by the news of the 4th, when Jerome Powell hinted that the Fed might postpone further interest rate rises. While that is helpful, it doesn’t change our view that the medium term trend is down.
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