With over 30 key economic data releases due and the US markets limited to a four day week, thanks to their Labor Day holiday, it should be a heightened weak of volatility with a specific interest in the announcements Mario Draghi and the ECB make towards the middle of the week. Our Aussie market made a bold attempt towards a move higher but was unable to sustain the momentum and currently sits on a key short term support level.
How did the Aussie market perform today?
S&P/ASX200 gained 5.4 points or +0.10% on volume of $2.7 billion, closing at 5629.8.
Australian sector watch
Looking over the charts
- The Aussie 200 index boldly attempted to break to new higher levels, even with the US markets closed for the Labor Day holidays on Monday, but was unable to hold on to those early intraday gains, rising 30 points before giving all those back by the end of the day.
- With our market closing near the lows, but on support, and the range being quite narrow, we really don’t have a lot to go on as far as momentum favouring the bulls or the bears. We’ll be keeping a close eyes on a break either side as volatility picks up later in the week.
- Stochastics is starting to favour the bears in the short term but it can be expected with the negative undertones of September, which is historically one of the worst months statistically speaking on record.
- Support is sitting at 5600 initially and below that we have 5585. Resistance is sitting at 5645 around the recent consolidation levels and then 5684, which are the most recent highs.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
25% of stocks are showing oversold levels, 30% are showing overbought levels and 66% 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:
- MSB MESOBLAST +4.97%
- HVN HARVEY NORMAN HOLDINGS +3.66%
- KAR KAROON GAS AUSTRALIA +3.17%
- VED VEDA GROUP +2.65%
- FDC FEDERATION CENTRES +2.63%
Top 5 Losers:
- BCI BC IRON -8.96%
- SGN STW COMMUNICATIONS GROUP -5.38%
- SKI SPARK INFRASTRUCTURE GROUP -3.81%
- MML MEDUSA MINING -3.72%
- RSG RESOLUTE MINING -3.51%
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:
Ashley Jessen
Director of Communications
Email: ashley_jessen@invast.com.au
Phone: 02 8036 7567