US markets continue to hit all-time record highs on a daily basis and it would be fair to say the majority of the bears have been sent into hibernation, but both bulls and bears will have at least one eye on the all-important Jackson Hole meeting, plus Fed Chairman Janet Yellen’s speech at midnight. This will be of particular important to the US Dollar, which has been strengthening of late, in anticipation of supportive news to follow.
How did the Aussie market perform today?
S&P/ASX200 gained 6.7 points or +0.12% on volume of $3.6 billion, closing at 5645.6.
Australian sector watch
Looking over the charts
- The Aussie 200 index has been met with initial resistance and it would be fair to say a fair amount of hesitation leading into the weekend and the Jackson Hole meeting plus Yellen’s midnight speech, which is fair, given the potential uncertainty around the event.
- Over the last 3 trading sessions we have seen some distributive selling at the intraday highs and today was another reflection of this, hitting a high of 5663 and then pulling back for the rest of the session.
- Despite the fact we could suggest momentum could be stalling, technically the market has hit a new recent high and indicator’s like the stochastic become less effective, as they tend to be more accurate during range bound markets.
- Support is sitting at the previous high of 5645 and then below that at 5625 and 5600. Resistance continues to be very minor, sitting at 5670 and 5684, which is the recent high achieved.
ASX top 200 stock analysis
7% of stocks are showing oversold levels, 51% are showing overbought levels and 73% 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 MERMAID MARINE AUSTRALIA +6.91%
- BRU BURU ENERGY +5.56%
- STO SANTOS +3.91%
- BRG BREVILLE GROUP +3.80%
- TRS THE REJECT SHOP +3.76%
Top 5 Losers:
- AGO ATLAS IRON -8.03%
- MGX MOUNT GIBSON IRON -4.70%
- ARI ARRIUM -4.07%
- IGO INDEPENDENCE GROUP NL -3.85%
- FXJ FAIRFAX MEDIA -3.21%
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