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Road To Nowhere

It has been awhile since blog central  had a look at the All Ords and its staggering lack of ability to go anywhere. The full extent of the rubbish nature of the local market at present can be seen below when the performance is compared to the S&P 500 and NASDAQ 100.

performance

This lack of movement becomes more apparent when we chart price movement on a weekly basis.

Ords Weekly

The current consolidation sits within a much broader malaise that saw the market fail to puncture 6000 earlier in the year.

Ords Daily

From a trading perspective there is very little on offer when the index is simply drifting sideways. However, there is always a silver lining to these things in that the longer this compression continues the more interesting the breakout will be.

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