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Indices: Australian ASX 200

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The ASX200 looks set to open around the 6675 level this morning after testing its 2-week low on Friday, if we are correct the recent consolidation pattern should finally break out on the upside towards the 6850-6900 area in the next few weeks:

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The ASX200 shrugged off red hot US inflation on Thursday to eke out a solid +0.4% gain with Tech stocks finally leading the line even as bond yields rallied and pundits started weighing up whether the Fed would follow the Bank of Canada and hike interest rates by 1% come their July 28th meeting – it feels almost ironic that markets are convinced interest rates will accelerate higher just…

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