Geopolitical unrest, Ebola concerns in the US and Hong Kong protests appear to have weighed quite heavily on the international bourses with an unimpressive 1.32 per cent drop on the S&P500, which is in the midst of the 5th longest rally since the year 1900. Our Aussie market saw a full screen of red today with all sectors falling and our market down 36.4 points by the close of the session.
How did the Aussie market perform today?
S&P/ASX200 lost 36.4 points or -0.69% on volume of $3.2 billion, closing at 5297.7.
Australian sector watch
Looking over the charts
- Plenty of activity on the Aussie 200 index today, starting with a sharp drop on open, following the terrible close on Wall Street, but the market did consolidate after that initial 45 point drop to steady into the close.
- Indecision seems to be the key play at present with market activity gyrating between 5235 and 5310 and with our market down 394 points, or 6.9% since the recent highs, we are teetering ever so close to a 10 per cent correction.
- Stochastics are showing a double bottom on the daily chart but still well and truly in the oversold region and it appears quite the challenge for markets to be able to rise above this recent sell-off and approach those 6 year highs anytime soon.
- Support is currently sitting at 5270 and below that at 5235 with resistance building at 5300 and then the next level is sitting at 5320.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
35% of stocks are showing oversold levels, 9% are showing overbought levels and 33% 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:
- WTF WOTIF.COM HOLDINGS +6.47%
- RSG RESOLUTE MINING +5.75%
- LYC LYNAS CORPORATION +5.06%
- AHY ASALEO CARE +4.21%
- MGX MOUNT GIBSON IRON +4.00%
Top 5 Losers:
- LNG LIQUEFIED NATURAL GAS -8.11%
- BKN BRADKEN -7.62%
- PDN PALADIN ENERGY -5.13%
- AWC ALUMINA -4.61%
- REC RECALL HOLDINGS -3.97%
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