The XJO is expected to open moderately lower this morning, with futures pointing to an open around 7,750.
Yesterday our market again held resistance around 7,775 – 7,800, which would have to break for further gains to look likely. To the downside, 7,700 is the key support to watch.
Our market seems to be in a holding pattern, waiting for a event or data release, or perhaps a move overseas, to shift us from the current level. It is likely that we would have followed US markets higher recently had it not been for weak iron ore prices, which have acted as an anchor on our market.
Regardless, we continue to trade in the broad channel, and the U.S continues to look bullish. If they remain so then 7,850 to 7,900 at the top of the range is the next major target.
US shares were closed overnight for a public holiday. US futures drifted slightly higher. Overall US markets remain extremely bullish with the consensus view that we will see US rate cuts beginning in September.
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