Indices: Australian ASX 200
The ASX200 edged higher yesterday in quiet trading compounding its gains for 2023 to 6% after just 3 weeks of trading, the index was actually higher earlier in the day but some selling, most notably across iron ore names, was enough to see the index surrender 75% of the early advance. The broad-based market is starting to feel understandably tired after surging well over 1000 points in less than 4 months although the Tech Sector is finally attracting some buying as inflation fears subside.
The ASX200 continues to enjoy an extremely strong start to January, it’s set to open up +0.5% this morning, only ~1.9% below its all-time high, clear overhead resistance is approaching fast ~7600 but the uptrend is strong and a squeeze higher is a strong possibility.
Australian stocks continue to defy gravity and overall investor sentiment, this morning they look set to open less than 2% below last year’s all-time high even while interest rates soar, housing prices fall and US stocks struggle i.e. the S&P500 closed higher on Friday but still a painful 21% below its last 2021 top. It’s not just the obvious miners…
