ASX bear market rally dead or resting?

The Australian dollar is still bid this morning:

Bonds too:

XJO has added back some of yesterday’s losses but its symmetrical tringle shows confusion:

Which it should be given it is trading at 18x forward with unemployment miles above the 1990 recession:

Big Iron is firm:

Big Gas tooL

Big Gold has life:

Big Banks are death:

Big Chint is meh:

We’ve gone nowhere for six weeks now. It has either run out of steam or it’s consolidating for a push higher.

David Llewellyn-Smith

Comments

  1. The90kwbeastMEMBER

    Really hard to pick this market. I personally think the ASX will pullback to ~4,800 and the S&P back to 2,400, before consolidating for the next move higher back to 2,800+ in Q3-Q4.

    It sure is taking time though, I would have expected the consolidation to kick in about now after Q1 earnings releases. But nope! My shorts are hurting!

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