Political tensions, poor US jobs data and the Scottish independence vote are hitting headlines around the globe and will likely provide the ideal backdrop for increased volatility over the next few weeks, especially for short term traders. The Aussie 200 index was unable to find its feet, falling early in the session before staging an end of day rally, gaining 15 points into the close.
How did the Aussie market perform today?
S&P/ASX200 lost 21.7 points or -0.39% on volume of $2.8 billion, closing at 5577.
Australian sector watch
Looking over the charts
- The Aussie 200 index has continued its downward slide, following a raft of critical economic data hitting the markets over the last 3 days, starting with US jobs data below expectations and the Scottish independence vote.
- 5580 is the first line of support and the market fell through that on an intraday basis but has managed to bounce and hover right on this level as of the end of day prices on Monday.
- We have our first lower high and break of the recent low, which is definitely a more bearish signal but this is all happening in the midst of a very strong uptrend, so this is a play-by-play scenario and for the bears we’ll need to see a close below 5450 and for the bulls a close above 5665.
- Support is sitting at 5560-5570 and then below that at 5535 and resistance continues to build, sitting at 5590, 5600 and then 5640.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
33% of stocks are showing oversold levels, 12% are showing overbought levels and 62% 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:
- RSG RESOLUTE MINING +9.28%
- TSE TRANSFIELD SERVICES +4.44%
- VED VEDA GROUP +3.85%
- NST NORTHERN STAR RESOURCES +3.09%
- VRT VIRTUS HEALTH +2.57%
Top 5 Losers:
- DLS DRILLSEARCH ENERGY -7.53%
- SXY SENEX ENERGY -5.13%
- IAG INSURANCE AUSTRALIA GROUP -4.94%
- MSB MESOBLAST -4.36%
- FXJ FAIRFAX MEDIA -4.12%
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