Some many macro themes playing out this week with the 2 day FOMC meeting, the Scottish referendum and commodities that seem destined to continue lower. The Aussie 200 entered nervous territory, or so it seems, falling another 28.1 points today, with all sectors but the Material sector feeling the pain.
How did the Aussie market perform today?
S&P/ASX200 lost 28.1 points or -0.52% on volume of $4.1 billion, closing at 5445.4.
Australian sector watch
Looking over the charts
- The Aussie 200 index has continued to break through several levels of support and this is becoming a regular and almost daily occurrence now, with today’s 28 point loss taking out support at 5470 and 5450.
- Despite the fairly aggressive nature of this move down, it must be noted that the overall medium and long term trend is definitely up and this short term dip may be seen by others as a potential to get in at a lower price.
- Bearish traders are likely continuing to ride the momentum to the downside with the market signalling a well and truly oversold condition with little sign of a bounce in place.
- Support is currently at the current market price of 5430 and below that at 5400. There is now plenty of overhead resistance with 5450 support turning into resistance and then above that at 5485 and then 5500.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
62% of stocks are showing oversold levels, 5% are showing overbought levels and 38% 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:
- BCI BC IRON +4.88%
- AGO ATLAS IRON +2.61%
- QAN QANTAS AIRWAYS +2.36%
- UGL UGL +2.26%
- GUD G.U.D. HOLDINGS +2.15%
Top 5 Losers:
- SKE SKILLED GROUP -8.02%
- LYC LYNAS CORPORATION -7.69%
- PDN PALADIN ENERGY -5.06%
- GMA GENWORTH MORTGAGE INSURANCE AUSTRALIA -4.93%
- PNA PANAUST -4.57%
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