Global indices finished mixed on Friday with the US Non-farm payroll data hitting 214,000 new jobs being added, leaving the US unemployment rate at a fresh 6 year low of 5.8% and US Indices continue to climb higher, albeit slowly. Gold managed an impressive fight back, rising more than $45 per ounce on Friday, whilst the US Dollar continued its recent strong run. Quite a bit of economic data due out this week with Retail sales out of the US and China plus the RBA Assistant Governor talking later this week plus Australian Consumer Confidence levels.
How did the Aussie market perform today?
S&P/ASX200 lost 25.1 points or -0.45% on volume of $5.30 billion, closing at 5524.
Australian sector watch
Looking over the charts
- The Aussie 200 index has been trading in a fairly narrow range over the last 7 trading sessions, unable to break higher but unable to break current support levels either.
- Volatility has pulled right back with our index moving around 55 points on average versus the peak of 100 points per day on the 20th of October so be sure to adjust your stop loss levels accordingly.
- What is interesting to note is that prior to trading today we had 65% of the top 50 ASX stocks hitting higher highs with an amazing 78% of those showing some level of bearish divergence. Over the last 2 extreme signals like this, we’ve noted a modest pull back given the strength of current uptrends.
- Support is currently sitting at 5500 and below that at 5480 with resistance now sitting at 5530 and above that at 5555-5560.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
17% of stocks are showing oversold levels, 36% are showing overbought levels and 48% 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 +17.78%
- AGO ATLAS IRON +12.77%
- PDN PALADIN ENERGY +12.12%
- NST NORTHERN STAR RESOURCES +11.34%
- BDR BEADELL RESOURCES +9.80%
Top 5 Losers:
- GEM G8 EDUCATION -4.56%
- GMA GENWORTH MORTGAGE INSURANCE AUSTRALIA -3.26%
- NWS NEWS CORPORATION -3.16%
- MND MONADELPHOUS GROUP -2.63%
- LLC LEND LEASE GROUP -2.59%
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