PORTFOLIO POINT: As crude oil starts to lift, the ASX 200 Energy index has broken out of its ascending triangle pattern as the rest of the market moves sideways.
All quiet on the western front. Markets are tracking sideways and in the case of US markets and Apple, perhaps working off their overbought conditions before heading higher. I still would not chase either, or are they the same thing?
In the case of the Australian market, nothing has been proved yet. Both the ASX 200 and the ASX 200 Financials index are still in their ascending triangle patterns. I am waiting for the market to tell me which direction we are heading next.