Yeah I'd say 2 things holding it back.
1. We've had this kind of news a number of times already this year. That they are in talks with renewed vigor to try and sort out a deal, although this may sounds like the strongest sign yet, it's still not even close to a genuine resolution to the trade issue yet, more an avoidance of escalation, and this may very well be the definition of a "relief rally." So there will still be plenty healthy scepticism around.
2. Waiting for a lead from the US markets, futures after a weekend break are one thing... But market proper should give stronger direction.
This is not the scenario I was really hoping for, bit it is still better than I expected. Is at least an opportunity to try and make the most of the next few months, and I think it should be enough to have put a proper bottom in for now.
I'd also say the ASX has been looking really weak, much moreso than the US, and it's probably going to find it a lot harder to rally from here.
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Last
8,833.6 |
Change
4.900(0.06%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,828.2 | 8,859.1 | 8,778.9 |
| XAO (ASX) Chart |