Welcome back Janet Yellen and welcome back volatility. The Aussie 200 index had a mixed day following a wild trading session in the US overnight, with the Fed continuing their stance of letting the market conditions dictate any possibility of an early rate rise, boosting the US Dollar and sending Commodities in the other direction.
How did the Aussie market perform today?
S&P/ASX200 gained 8.5 points or +0.16% on volume of $4.8 billion, closing at 5415.8.
Australian sector watch
Looking over the charts
- The Aussie 200 has seen its fair share of volatility over the last few weeks and today was no exception with the market ranging 63 points from high to low as per the chart below with the Average True Range going from 35.6 to 59 points per day since the 3rd of September.
- Today saw a lot of accumulative buying off the intraday lows with an intraday double bottom happening at lunch time, which eventually become the low point before bouncing higher.
- Support at 5370 seems to be holding at this stage which our market hit several times back in May and most of June.
- Support is sitting at 5400 and then below that at 5370 with resistance starting to build at 5420 and then slightly higher at 5450.
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:
- AWE AWE +13.69%
- DLS DRILLSEARCH ENERGY +5.47%
- PDN PALADIN ENERGY +5.00%
- NEC NINE ENTERTAINMENT CO. HOLDINGS +3.90%
- MGR MIRVAC GROUP +3.24%
Top 5 Losers:
- ARI ARRIUM -38.46%
- NST NORTHERN STAR RESOURCES -7.99%
- MML MEDUSA MINING -5.71%
- RRL REGIS RESOURCES -5.06%
- AGO ATLAS IRON -4.27%
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