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ASX sticks with topping pattern

David Llewellyn-Smith

Wednesday, 12 July 2017

Dalian is a little soft today:

Big Iron is still firming:

Big Gas has all but ignored the oil rebound. Very sensible:

Big Gold is marking time:

Big Bubble is down despite the steepened Aussie yield curve:

Big Liar is threatening a little convergence as high flyers come back and MEA mulls a bottom:

Finally, the ASX200 retains its bearish head and shoulders topping pattern with a nasty prognosis should the 5600 range be broken:

Nervy market today.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.