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All Ordinaries (XAO:ASX) Daily Line Chart
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You can see that it is still at June levels and so the market could be categorised as range trading. We have seen a number of ABC patterns over the last few weeks and now we see a wave five high in the making. It could be all but over but we not doubt the markets ever and we could see a new second wave five show up.
A quick overview of key sectors:
Financials are flatlining:
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S&P ASX 200 Financials (XFJ:ASX) Daily Line Chart
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Click to Enlarge
Energy flat lining down:
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S&P ASX 200 Energy (XEJ:ASX) Daily Line Chart
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Click to Enlarge
Industrials range trading and showing little impetus:
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S&P ASX 200 Industrials (XNJ:ASX) Daily Line Chart
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Click to Enlarge
Consumer staples actually heading south but could offer some good short-term trades:
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S&P ASX Consumer Staples (XSJ:ASX) Daily Line Chart
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Click to Enlarge
Consumer Discretionary are defying logic and rising:
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S&P ASX Consumer Discretionary (XDJ:ASX) Daily Line Chart
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Click to Enlarge
And Materials have run out of steam:
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S&P ASX Materials (XMJ:ASX) Daily Line Chart
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Click to Enlarge
I always ask myself the simple question “would I buy now?”.
The answer is no.
The risk is to the Downside.
Enjoy the ride
Tom Scollon
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