Banks: Topping Out?

Technicals | Jul 25 2023

By Michael Gable 

We currently have the S&P/ASX200 Index consolidating under the major resistance line near 7400. Markets are looking forward to the local quarterly CPI release on Wednesday, followed by the US Federal Reserve interest rate decision before market on Thursday.

They will most likely provide the next catalyst for our market and by the end of this week we should know if we are breaking higher, or taking another small dip.

One of the major sectors in our market are the financials, and this week's report has a chart of the S&P/ASX200 Financials Index (XFJ) to show how that might be topping out here.

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