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Good morning CVELU,
The Australian market has rebounded well after holding our key support at 8,600 and is now testing major resistance at 9,000. A weekly close above 9,000 would be a very bullish signal and suggest the next leg higher is underway. Key support remains at 8,650. As long as the XJO holds above that level, the broader bullish outlook remains intact. Small Caps are also worth watching closely after finding
strong support around 3,250, with buying volume picking up sharply from that level.
Gold continues to hold above key support and needs to reclaim $4,200 to confirm the next leg higher. Silver remains constructive and a break above $61.50 would be very bullish. The NASDAQ has reached our first downside target and may stabilise here, but it must hold above 25,600 to maintain its bullish trend. Finally, oil could see a short term pullback early in the week before buyers potentially return
around the $76 level. My biggest focus this week is the Materials sector. It's sitting at a critical level. A move above 23,600 would be a major bullish breakout and could trigger strong upside momentum. However, if it falls below 22,600, the outlook quickly turns bearish. That's the key level and sector I'll be watching most closely over the coming week.
Have a great week.
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