ASX: Banks and Miners v the Rest

The struggle between miners and banks is changing.

The ASX 200 rallied this week, breaking out of its downward trend channel. Although in a primary down-trend after breaching 5800, the index is enjoying strong support.

ASX 200

And that is despite the Banks taking a hammering.

ASX 300 Banks

Miners did nothing this week.

ASX 300 Banks

But most other sectors rallied strongly: Consumer Staples…

ASX 200 Staples

Consumer Discretionary, Health Care…

ASX 200 Health Care

Utilities and Industrials.

ASX 200 Industrials

The change reflects a rosier global outlook, with Commodities rising, but I doubt that it can last without support from the ASX 200’s two biggest sectors.