With US Markets closed for President’s Day our local Aussie 200 Index had little direction except with Commonwealth Bank (ASX:CBA) going ex-div and a barrage of early selling to set the scene for the day. As a result, the Financials Sector was down 1.14 per cent on the day with the overall market falling 30.5 points or 0.5 per cent. Gold has been trading in a narrow range for the last 3 sessions and the Aussie Dollar has been strengthening and is now trading at 0.7790.
How did the Aussie market perform today?
S&P/ASX200 lost 30.5 points or -0.52% on volume of $4.96 billion, closing at 5858.2.
Australian sector watch
Looking over the charts
- The Aussie 200 Index struggled from the outset today, falling a quick-fire 45 points before launching a counter attack that almost saw the index back in the black, however the selling intensified towards the end of the session to close near its lows.
- Clearly the third week of ASX reporting season is throwing up some wild moves and we’re seeing a bit of uncertainty at these current high levels.
- During these times, when the market is touching on new recent highs and showing bearish divergence, it is really hard to know which way the market will roll, however, it is fair to say that momentum is still pushing to the bullish side.
- Support is currently sitting at 5845 and below that at 5835 ad then 5800 with resistance sitting at 5885 and 5900 and 5915.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
7% of stocks are showing oversold levels, 39% 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:
- MTS METCASH +7.28%
- CCL COCA-COLA AMATIL +6.31%
- ILU ILUKA RESOURCES +5.85%
- MRM MMA OFFSHORE +4.95%
- MQG MACQUARIE GROUP +3.53%
Top 5 Losers:
- GWA GWA GROUP -13.10%
- SEK SEEK -8.70%
- MGX MOUNT GIBSON IRON -6.25%
- BCI BC IRON -5.08%
- FMG FORTESCUE METALS GROUP -4.85%
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