Technicals | Jun 18 2024
By Michael Gable
While the S&P500 Index makes new highs, the local market continues to tread water as it prepares for the next move higher.
Clearly, it is the resources sector which is dragging the chain in the short-term, while banks and technology in particular continue to trade well. This year so far has seen nice moves in gold, copper, and uranium, while iron ore, oil, and lithium struggle.
However, commodities on a whole remain at almost record low levels as a ratio to the S&P500 Index.
Some are starting to move, others are not quite ready yet, but it is early days, and our view is that short-term selling on the back of headlines is not something to be concerned about.
The big picture for the next few years still looks very constructive for much higher levels.
Today's technical view is on James Hardie ((JHX)).
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