Despite US GDP figures coming in better than expected at 4 per cent and the FOMC meeting having a slightly hawkish tone, the US markets were mixed, providing little obvious direction for our Aussie 200 index, yet it managed to stay in the black after hitting fresh six year highs yet again. Brent Crude Oil fell on excess inventory concerns out of Europe and globally with Gold steadying.
How did the Aussie market perform today?
S&P/ASX200 gained 10 points or +0.18% on volume of $3.6 billion, closing at 5632.9.
Australian sector watch
Looking over the charts
- Another positive session for the Aussie 200 index as our market continues to hit fresh intraday 6 year highs, providing plenty of energy for the bulls to keep their search for potentially outperforming stocks on a daily basis.
- With US markets having a mixed session and various commodities struggling, it wasn’t going to be easy to hit new highs, but we did before falling back after lunch to bear breakeven for the day.
- A shooting star candlestick formation at the top of the market is giving an ominous sign of distributive selling, which isn’t uncommon at these tentative high points, despite the blue sky potential our market has.
- Support is currently sitting back down at 5600 and then at 5565 and these levels continue to firm up. Resistance is sitting temporarily at 5645, which we mentioned yesterday and coincidently enough, the market hit that exact high point today.
ASX top 200 stock analysis
12% of stocks are showing oversold levels, 45% are showing overbought levels and 70% 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:
- GWA GWA GROUP +5.36%
- TME TRADE ME GROUP +4.25%
- SWM SEVEN WEST MEDIA +3.80%
- KAR KAROON GAS AUSTRALIA +3.71%
- BSL BLUESCOPE STEEL +3.46%
Top 5 Losers:
- LYC LYNAS CORPORATION -17.07%
- BDR BEADELL RESOURCES -5.45%
- PDN PALADIN ENERGY -3.85%
- NST NORTHERN STAR RESOURCES -3.38%
- NWH NRW HOLDINGS -2.70%
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