ASX 10/12/24. A tale of two markets. Resources and all the rest.
XJO finished down modestly today, -0.36%.

Today's candle is a wide range candle, but it still hasn't broken major horizontal support and remains above the 20-Day EMA. That suggests the market will be up tomorrow.
Today was one of dramas.
Big miners went gang-busters after China announced further stimulus measures. XMM (the mining index) was up +3.47%. Iron Ore miners had a feast, BHP +3.05%, Rio +4.85%, FMG +6.23%.
Energy was also doing well. XEJ up +1.32%.
Gold Miners weren't left behind, GDX up +3.31%.
At the other end of the spectrum, Technology (XIJ down -4.04% and Financials joined the bear party, XXJ down -1.74%.
RBA interest rate announcement came out at 2.30 p.m. - no change as expected, but the wording of the announcement was a bit more dovish than usual from the RBA. That saw the XJO jerk to the upside for a short time, but not enough to erase earlier falls in the XJO. The full RBA statement can be read at: https://www.rba.gov.au/media-releases/2024/mr-24-27.html
I mentioned in my Weekend Wraps that Defensives might do well this week, but I hadn't forseen the Chinese announcement.
The four defensive large caps I mentioned on the weekend were: WOW, TCL, GMG and TLS. How have they fared in the past two days of negative returns for the broad market? Not too badly. For the past two days, the results have been:
- WOW +1.38%
- TCL +1.56%
- GMG +1.22%
- TLS +1.67%
The broad market has been down -0.33% over the past two days.
In early European trading tonight, Euro STOXX600 is down -0.32%.
U.S. Futures: Dow Jones flat -0.05%, Nasdaq down a little -0.14%.
ASX overnight Futures are currently flat +0.01%.
Take care.