ppi tonight should fill us in a bit more.
Given the diabolicals affecting the usa economy I find this current breakout and rally hard to believe but price is king.
The usa markets are certainly at resistance but some indicators suggest there is more spx upside possible before overbought. Despite my bearish bias on usa, the chart pattern says there was a breakout from a bull flag, with a price target of 1585 approx. The price action at the current resistance level suggests mere bullish consolidation before advancing further.
The real interesting question I see is how come xjo is underperforming spx?
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Last
8,603.0 |
Change
7.200(0.08%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,595.8 | 8,616.8 | 8,589.5 |
| XJO (ASX) Chart |