US Unemployment hit 5.7% after adding a solid 257,000 jobs, which was above expectations, causing analysts to believe there is more strength behind a US recovery, which sent the price of Gold tumbling in Friday trading. The Aussie 200 index was unable to maintain its incredible 12 straight profitable trading sessions, falling a modest 5.3 points or 0.1 per cent with Health Care the biggest gainer for the day. The Aussie Dollar has remained flat whilst Gold is currently sitting at $1,237 per ounce.
How did the Aussie market perform today?
S&P/ASX200 lost 5.3 points or -0.09% on volume of $3.98 billion, closing at 5814.9.
Australian sector watch
Looking over the charts
- The Aussie 200 Index traded in lock-step with the International bourses, which fell in Friday’s trading, but managed to find some support towards the end of the session, climbing back 20 points in the last 90 minutes.
- It will be an interesting session tonight in the US (Monday) as the three main indices over there are sitting on resistance and either double or triple tops. Keep in mind that means they are on potential breakout levels as well.
- We’ve noted that on Friday we had 61% of the top 200 ASX stocks were overbought with only 4% oversold and that is quite an extreme number. It normally takes 1-2 days to take hold if this figure is truly overbought and due for a pull back.
- Support is currently sitting at 5800 and below that at 5780 and then 5750 whilst resistance is above at 5830 and 5850.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
5% of stocks are showing oversold levels, 50% are showing overbought levels and 67% 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:
- MRM MMA OFFSHORE +7.82%
- SKE SKILLED GROUP +5.54%
- SRX SIRTEX MEDICAL +5.40%
- ANN ANSELL +5.38%
- BCI BC IRON +5.22%
Top 5 Losers:
- FXJ FAIRFAX MEDIA -8.85%
- BDR BEADELL RESOURCES -4.69%
- PNA PANAUST -4.66%
- NST NORTHERN STAR RESOURCES -3.54%
- EVN EVOLUTION MINING -3.38%
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:
Director of Communications
Phone: 02 8036 7567