Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
S&P ASX 200 closed Friday above resistance at 6,930. Combined with RSI above 60 and no divergence, there are strong indications there is more upside potential in Australian equities. 7K is likely to be tested and broken in the first week of August. Resistance at 7,080 and strong resistance at 7,286. The 100 SMA and the 200 SMA are likely to provide some resistance meaning strong resistance at 7,286 can be (too?) hard to break.
To reverse this rebound a close below 6,743 is needed.