Technicals | Feb 13 2024
By Michael Gable
The Australian market has been fairly flat this past week, despite the moves higher in the US. Some strength in the US dollar has seen resource stocks struggle to make any headway in the short-term, but banks, technology, and consumer discretionary have been doing well.
Reporting season has so far proved to be better than expected. Once again, with global growth holding up, and interest rates peaking, it would be foolish to expect earning seasons to "expose" a market that has "run too hard". What we are seeing so far continues to indicate a healthy share market for 2024.
One concern that has recently been noted from some commentators regarding the US share markets is the lack of participation from the smaller stocks. However, the Russell 2000 Index, which represents the smaller stocks in the US, is now starting to get a move on. That is, participation from more stocks should start to increase now, which is again a healthy sign.
We share our technical view on Accent Group ((AX1)).