ASX 200 Heikin-Ashi chart – A rally of 7% in 7 days sees us threatening to push through the top of the trading range once agan. Just moved into overbought territory on daily RSI.
S&P 500 index – A healthy rally sees the US market approaching all-time-highs once again. Volatility remains high as relief bill negotiations remain at a standstill and we approach the election. Also overbought on RSI.
BANK SECTOR – Another good week has taken the bank sector back up to its most recent consolidation range. Now overbought and heading into a potentially dangerous reporting season.
RESOURCES SECTOR – Seen a nice little rally after the buy signals last week. BHP starting to steady and FMG has just seen a couple of sell signals after pushing higher over the last few of weeks.
BHP Group (BHP)
Fortescue Metals (FMG)
ALL TECH INDEX – Flown past all-time highs and gaining momentum. The APX recovery is moving well and XRO just keeps pushing higher.
ENERGY SECTOR – A bit of a sees the sector trying to break its established downtrend. Oil prices remain under pressure but there is sure to be value there at some point.
HEALTHCARE SECTOR – Pushed past a bit of a resistance point and looking positive. RHC and RMD lagging behind a little but starting to move.
Ramsay Healthcare (RHC)
GOLD SECTOR – Run nicely back up to its most recent high. NST doing the heavy lifting, up around 16% since announcing its merger with SAR.
Northern Star Resources (NST)
REIT SECTOR – Just keeps trucking along nicely. In overbought territory after a prolonged rally. DXS keeps moving well off lows, while GMG has just broken higher after a period of sideways movement.
Goodman Group (GMG)
CONSUMER STAPLES SECTOR – Continuing to bounce and looking to resume its long-term up trend. A2M staging a good turnaround, while ELD continues its stellar run.
A2 Milk (A2M)
CONSUMER DISCRETIONARY SECTOR – Keeps moving higher as the retailers continue to perform. JBH and DMP have both made up lost ground quickly and now back up at all-time highs.
JB Hi-Fi (JBH)
Domino's Pizza (DMP)
UTILITIES SECTOR – Seen a little bounce off lows but remains a sector in a long-term downtrend without much to get excited about. AGL chart just keeps getting uglier.
AGL Energy (AGL)
INDUSTRIALS SECTOR – Starting to gather a little momentum led by the recovery rally in SYD as travel bubbles begin to become a reality for Australians. Little RSI sell signal on the chart but that is short term stuff.
Sydney Airport (SYD)
TELECOM SECTOR – Rallied nicely over the last couple of weeks and has as quickly become overbought on the daily chart. TLS looking to bottom after the AGM this week pointed to better times ahead, while SPK is seeing some solid buying and looking to resume its long-term uptrend.
Spark New Zealand (SPK)
SMALL ORDINARIES INDEX – Another good week with plenty of big moves under the surface. Check out Henry’s Take for more on the land of small companies.