Weekly Report: 12th MAY 2015:
27th / April / 2015
Again testing the upper resistance level of the Index at 5980.
This week there is support for the financials and the resources and this should provide enough interest to push the Index over 6000.
5870 is now very clear closing price support.
4th / May /2015
What a difference a few days make.. From immanent breakout to failure and a multi week low.
Therein lies the story of the Index,
News comments about Australia’s credit worthiness and potential capital raisings in the banking sector.
Volatility rules for now.
Index requires a breakout either way:- this “Index” does not equate to many of the stocks within the market, new highs are being made by many
smaller industrials and telecoms and healthcare.
12th / May / 2015
To give any signs of reversal back into the resistance area of 5756.
There is concern the breakdown will be viewed as a market top in place.
This is the culprit Seasonal weakness in the Financial sector XFJ. This weakness will pass always does as indicated by the “Trend” of the Chart.