ASX Weekly Chart Analysis .. .. The Midcap Sector is sometimes a...

ASX Weekly Chart Analysis
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The Midcap Sector is sometimes a better guide to broader market sentiment than the Parent Index (XJO), and right now maybe that time.
There is little doubt the very large Financials sector (in particular the Big Four Banks) is holding the XJO back considerably, whereas the Midcap sector not affected at all, and perhaps this shows where the local market sentiment 'really is'.
To illustrate this, note how the Midcap sector closed (comfortably) above the weekly breakout line this week (arrowed), but the Parent Index (XJO) remains stubbornly below the same level - and the Midcaps have also been challenging this level for a few weeks now, whereas the Parent Index has not done so at all.
Almost all the sectors covered here look to be well placed to challenge that same weekly line, although surprisingly the normally strong healthcare care sector looks a bit vulnerable this week.
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cheers

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