The Australia ASX All-Ordinaries Index gained 1.2% this week,
building on last week’s 3.7% gain and moving further into 52-week
highs. The index picked up a distribution day on Friday, its first since
moving back into a Confirmed Uptrend last week.
Symbol: NXT.AU
Global Focus Developed Long
The Australia ASX All-Ordinaries Index gained 1.0% this week,
rising for a seventh consecutive week. The index has gained 9% over
seven weeks, closing this week just below year-to-date highs. It is in a
Confirmed Uptrend.
Market View
The U.S. Market remains Under Pressure due to an elevated distribution day count. The S&P 500 and Nasdaq both have eight distribution days. Though the market remains caught in a range, our indicators are showing a higher probability for a further decline. This gives us reason to be cautious, generally avoiding buying in the near-term until we see distribution fall and the major averages re-take key support levels.
Global Focus Developed Long
The Australia ASX All-Ordinaries Index was up 0.3% this week,
gaining for a sixth consecutive week. The index has slowly edged
higher over the past four weeks, gaining a total of 2%. It did pick up two
distribution days this week for a total of four over the trailing five weeks.
Global Focus Developed Long
The Australia ASX All-Ordinaries Index rose 0.8% this week, gaining
for a fourth consecutive week. It reached its highest level since October
2015 after the central bank recently cut interest rates for the first time
since May 2015. The index is in a Confirmed Uptrend for an eleventh
consecutive week, with three distribution days over the past five weeks.
Global Focus Developed Long
The Australia ASX All-Ordinaries Index gained 1.4% this week,
building on the prior week’s gains and closing solidly above its 40-
week moving average. It nearly reached year-to-date highs before pulling
back to end the week. The index is in a Confirmed Uptrend for the ninth
consecutive week, and has just two distribution days over the past five
weeks.
Market View
U.S. indices have continued their march higher after a one-week pause. The S&P 500 is now trading just 3% off highs, while the Nasdaq has retaken its 200-day moving average. Constructive action continues, with distribu-tion still a non-factor. Volume has been the only concern, remaining below average for 16 of the past 17 trad-ing sessions. Growth ideas continue to build the right side of their respective basing patterns, with many now beginning to test highs reached late last year. We expect volume to pick up in many of these ideas, as earnings will now drive market behavior, taking the place of short covering and Fed talk. We recommend a focus on companies showing good earnings stability and a prior history of handily beating estimates.
Global Focus Developed Long
The Australia ASX All-Ordinaries Index lost 1.5% this week. It closed
right at its 10-week moving average after a two-week slide from its 40-
week moving average resistance. The market is in an Uptrend Under
Pressure and had three distribution days over the past four weeks.
Global Focus Developed Long
The Australia ASX All-Ordinaries Index fell 1.4% this week, after
gaining in the previous seven weeks. It picked up one distribution day
and now has three in the past five weeks.
