Low volume Monday had the bulls excited. I suspect it might be a similar story for Friday's jump. 6+ months lows only Thursday, retesting these lows again seems a high probability imo.
Worst US jobs numbers in many years on Friday and Wall Street barely flinched. Complacency anyone? Our critical support around 5650 hasn't been tested on a Wall Street sell off yet. That is not far away imo.
ASX / Wall Street correlation is interesting. Statistically they are clearly not correlated in recent months. But is the explanation more so around ASX underperformance vs Wall Street, and that the only reason the ASX is not at <5500 is because Wall Street continues to reach record levels? Tax reform seems fully priced in and it seems far from a done deal. What happens when Wall Street come off 5-10%? I suspect the ASX will become highly correlated!
NK US military conflict would blow all markets out of the water. Despite Trump's latest tweets and Washington / Russian intelligence on long range missile testing, military conflict still seems unlikely imo.
Low volume Monday had the bulls excited. I suspect it might be a...
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| Open | High | Low |
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| XJO (ASX) Chart |