Chinese stimulus, rebounding US markets and an aggressively bearish tone to the Aussie 200 index have set the scene for a very interesting end to the trading week with the all-important 2-day FOMC meeting starting tonight with the big announcement at 4am Thursday morning Sydney time. Broad based selling too no prisoners across the sectors with Health Care and Materials bucking the trend and remaining in the black, amidst the days 38.1 point drop.
How did the Aussie market perform today?
S&P/ASX200 lost 38.1 points or -0.70% on volume of $4.8 billion, closing at 5407.3.
Australian sector watch
Looking over the charts
- The Aussie 200 index seemed so close to mounting a fight back from the vicious sell-off over the last couple of days but the end of day selling put that positivity to rest, forcing our index below the low in August.
- With our market closing below the 8th of August lows, it means we started the move with an initial lower high and then broke the most recent low, which is definitely a bearish signal.
- We are currently sitting on the level that the index bounced off back in May and June so the next move is going to be critical to see if we can bounce from these levels or wither and continue the moment to the downside.
- Support is sitting right on the current price yet again at 5400 and then below that at 5370 with resistance getting strong at overhead levels, starting with 5430 and then 5460.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
68% of stocks are showing oversold levels, 3% are showing overbought levels and 35% of stocks are currently above their long term moving average as of close of trading today. View the image below to better understand overbought and oversold levels.
S&P/ASX 200 Gainers and Losers
Top 5 gainers:
- PMV PREMIER INVESTMENTS +7.83%
- PDN PALADIN ENERGY +6.67%
- EVN EVOLUTION MINING +4.17%
- TPM TPG TELECOM +3.95%
- ORA ORORA +3.00%
Top 5 Losers:
- SAI SAI GLOBAL -5.64%
- BRU BURU ENERGY -4.97%
- SDF STEADFAST GROUP -4.82%
- BCI BC IRON -4.19%
- LYC LYNAS CORPORATION -4.17%
Please note that these are our initial impressions and that it is important to read all disclaimers on this website when considering the information. If you would like to discuss further please contact:
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