Materials breaking out, IT pulling back, energy weak

The All Ordinaries index was down 0.31% for the week ending 29 March 2019. The index ended the week 2.4% above its 200 DMA, finishing the week strongly, near the top of the weekly bar, but still tracking sideways and making no new progress.

We expect that the index will spend some time in a trading range around this level before it will be ready to show its hand as to the direction of the next move.

Read moreMaterials breaking out, IT pulling back, energy weak

Large cap Resources leading

The All Ordinaries index was up 0.2% for the week, ending 15 February 2018. The index ended the week 0.8% above its 200 DMA, consolidating the previous week’s move above the 200 DMA, with one minor test of the moving average on Monday.

Of the 474 stocks currently comprising the index, 260 of these (55%) ended the week above their respective 100 DMAs, up from 230 (48%) names at the end of last week.  Two hundred sixty-five stocks were up for the week, while 209 ended the week flat or down. Two hundred and sixteen shares finished the week within 20% of their 52-week highs, with 76 of those within 5% of highs.

Read moreLarge cap Resources leading