Wall St took a breather overnight, ending mixed in a quiet day of trade. Treasuries climbed and the latest economic data supported a gradual slowdown, reinforcing bets the Fed will end its rate hike campaign.
Few buy and sell signals suggest the market is having a pause.
MQG trying to break downtrend.
LNAS prints a small daily sell signal.
SPI Futures down 1 point – what to do?
Karoon to come back on. Might hurt.
Oil price down 4% – doesn’t help.
Lithium vibe not good.
Risk as market takes short-term profits in risk-on stocks.
The market takes a breather – to be expected – oil down 4%, Lithium sentiment takes another hit
MAJOR MOVERS SPR +7.7%, EVN +4.2%, OBM +5.6% Gold flying. NXG +4.8% Gets…
We’ve hit the Doldrums – tiny trading range today – Sohn Hearts and Minds gets some attention
US equities extended their gains overnight on hopes the Fed will be able to achieve a soft landing, after positive retail sales data and PPI results. The Dow advanced 164 points (+0.47%). Up 223 at best. The S&P 500 topped 4,500, up 0.16%, and the NASDAQ ended marginally in the green, up 0.06%. US treasuries fell after the latest economic data pointed in support of the soft landing narrative.
TECHNICAL SUMMARY
Multiple stocks overbought on a daily basis following yesterday’s big gains.
GMG hits a 52-week high and is overbought on a daily basis.
After languishing for months, CSL is coming back to life.
The foot came off the gas a touch overnight although the Dow Jones was still up 164 points. The futures are down 4 points this morning, just taking a breather after a 99 point (1.4%) rise in the ASX 200 yesterday. The ASX 200 is at a two-month high.