IMO, the upward movement is unsustainable and the market is already bunkering down.
Compare Materials with the Utilities sector (below). The Utilities sector is the biggest gainer of the week and the second biggest gainer of the month.
This table shows that safe haven Utilities are gaining momentum and Materials are running out of steam.
Expect this trend to continue and the fireworks to start when the FED pushes rates up by 75 basis points on May 4.
04/04 Week, page-256
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Last
7,767.5 |
Change
7.900(0.10%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,759.6 | 7,819.0 | 7,754.9 |
| XJO (ASX) Chart |