Janet Yellen addressed the media making her statement on behalf of the FOMC with the keywords being ‘Strong Jobs Gains’, ‘Patience’ and ‘Deflation’. This seemed to derail a fairly flat US market, sending the S&P500 down 1.35 per cent, now sitting at the bottom of the range. Our local Aussie 200 Index didn’t flinch, losing 30 points quickly on open but then the buying started and by the close of trade our index was up 16.7 points and right on the highs of the day.
How did the Aussie market perform today?
S&P/ASX200 gained 16.7 points or +0.30% on volume of $4.54 billion, closing at 5569.5.
Australian sector watch
Looking over the charts
- The Aussie 200 Index had quite the roller coaster ride today, getting sold off early from negative sentiment from US markets, but then managed to rebound relatively strongly as buying was noted across the banks. Even Fortescue Metals (ASX:FMG) was up 9.31 per cent.
- Our index continues to sit right on an important tipping point, as a break higher would push it into new 3 month highs but if it cannot break through, then we’ll need to seriously consider whether any moves higher for 2015 are even possible.
- With strength booming across a number of stocks we are seeing momentum clearly favouring the bulls and given the banks are pushing higher and near the top of the range, it means next week’s RBA meeting on Tuesday will be all that more important. Will Terry McCrann be correct with his ‘definite’ call or will they keep rates on hold?
- Support is currently sitting at 5525 and below that at 5500 with resistance sitting at 5562-5570 and above that at 5600.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
9% of stocks are showing oversold levels, 50% are showing overbought levels and 57% 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:
- FMG FORTESCUE METALS GROUP +9.31%
- OZL OZ MINERALS +6.93%
- AGO ATLAS IRON +6.25%
- PDN PALADIN ENERGY +5.71%
- ARI ARRIUM +5.13%
Top 5 Losers:
- LYC LYNAS CORPORATION -10.00%
- BDR BEADELL RESOURCES -7.35%
- MGX MOUNT GIBSON IRON -6.52%
- KAR KAROON GAS AUSTRALIA -5.83%
- CAB CABCHARGE AUSTRALIA -5.65%
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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