By Michael Gable
As we suspected last week, our market has been ready to get moving again, and pushing beyond the February peak is a clear positive. Unfortunately, the US market looks set to cool off very slightly in the short-term from its all-time highs, so this might just leave our market a bit subdued for a few days. Having said that, we can be more positive on the prospects for the S&P/ASX 200 Index (XJO) and in today's report, we have a chart to show you where we think it can head to.
After being range bound for about four months, the XJO has finally broken free. In the short term, we could see some softness back towards 6,800 but generally we should see a move higher from here. The 2020 high near 7,200 may offer some resistance, but given that we have been range bound for so long, we suspect that resistance will be light and our market will be surpassing that level fairly soon.