The XJO is expected to open flat with no leads from a closed U.S market overnight.
Yesterday we did very little as we continue to track near all-time high resistance at roughly 7,700. Today we should not expect much either.
We continue to trade in an ascending triangle pattern, with the uptrend line coming in around 7,550 and the key resistance at 7,700. We would typically expect a break higher in the direction of the underlying trend, but we would almost certainly need to see the U.S break theirs first. It wouldn’t be surprising to see our market break sideward, or even lower, as the bullish argument at these levels for our market is sort of flimsy. But whilst the music plays, we will keep dancing.
The financials are well overbought in the short-term but have been the heavy lifter for our index. The Materials are struggling to launch off the ground at key support. If we see some healthy mean reversion and profit taking from the financials, we could see the funds rotate into the materials, however we would need to see Iron Ore stop dragging its feet.
Today we have the RBA minutes from their last meeting released at 11:30 AEDST. We shouldn’t expect much of a reaction.
US markets were closed overnight for the Presidents’ Day Holiday. US futures markets were completely flat.
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