Janet Yellen’s speech was critical over the weekend, suggesting a less dovish stance, citing concerns over US unemployment and potentially rising inflation rates which turned out to be bullish for the US Dollar, which gapped on Monday morning on open.
How did the Aussie market perform today?
S&P/ASX200 lost 10.7 points or -0.19% on volume of $3.4 billion, closing at 5634.9.
Australian sector watch
Looking over the charts
- The Aussie 200 Index struggled from the get-go on Monday with the fall in spot Iron Ore prices providing a tough hurdle for the local miner’s to overcome, including the likes of BHP (down 1.46%), RIO Tinto (down 1.32%) and FMG (down 1.81%).
- On an intraday basis the Aussie 200 chart managed to climb into positive territory, for a short 20 minutes, before falling for the rest of the day as the Materials sector dragged the index down. Having said that the range for the day was spot on 25 points, highlighting the low volatility environment we are currently in.
- We’ve now had three days of cautionary sliding, having reached new 6 year highs last week. The real interesting thing about all the rallies since the beginning of the year is the lack of momentum in breaking through to the upside and continuing.
- Support on the Aussie 200 chart is sitting between 5625-5630 in the very short term and then below that at 5600. Resistance is at 5645 and 5660 with 5684 the most recent short term high.
ASX top 200 stock analysis
13% of stocks are showing oversold levels, 49% are showing overbought levels and 68% 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:
- ORA ORORA +11.56%
- BRU BURU ENERGY +7.60%
- CTX CALTEX AUSTRALIA +7.44%
- IFL IOOF HOLDINGS +5.59%
- QUB QUBE HOLDINGS +4.20%
Top 5 Losers:
- BSL BLUESCOPE STEEL -12.79%
- REC RECALL HOLDINGS -6.25%
- LYC LYNAS CORPORATION -6.06%
- AGO ATLAS IRON -5.56%
- KMD KATHMANDU HOLDINGS -4.30%
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