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.
SPI Futures up 490 on the back of the lower than expected CPI number.
ASX 200 up 105 points on the back of a good CPI number – REITs, Resources, Tech and Lithium come alive.
That’s better – the market had another good day – we have absolutely nailed the bottom of the market in the Ideas and Strategy Portfolios – you know what they say when you are standing at your desk punching the air in delight…..
US equities rallied overnight after cooler-than-expected inflation results raised bets the Fed’s tightening cycle may…
TECHNICAL SUMMARY
Energy Sector with a daily buy signal after a good day yesterday.
BHP trending slowly higher.
No relief for Nickel, on a 52-week low and overbought.
CPI Number lights the blue touch paper. Can this rally turn into a trend? No chance of another rate rise according to the bond market. US 2Y Bond yields now down 43bp from the top. US dollar collapses as A$ jumps. Interest rate sensitive sectors have their best day in a year. Financials, Tech, Resources and Lithium all come alive.
The ASX 200 rallied 99 points to 7106 (+1.4%), hitting a two-month high. Up 119 at best. The…