Germany’s Dax index led the way overnight, pushing into record all-time highs yet again with strong gains also noted across the Dow Jones, S&P500 and Nasdaq indices, as traders patiently await the FOMC meeting and Janet Yellen’s statement Thursday morning at 5pm Sydney time. Locally, the Aussie 200 Index lept out of the gates, rising a quick-fire 50 points before moving into consolidation for the rest of the day, rising a solid 44.4 points of 0.8 per cent. Crude Oil hit new 6 year lows as traders pushed the commodity below key support levels with supply side issues becoming the dominant theme in the US.
How did the Aussie market perform today?
S&P/ASX200 gained 44.4 points or +0.76% on volume of $4.13 billion, closing at 5842.1.
Australian sector watch
Looking over the charts
- The Aussie 200 index managed to send a positive signal on open, with many leading stocks heading higher, but throughout the final 5 hours of trading, many of those early runners slowly pulled back, leaving some traders high and dry.
- Consolidation is a very big possibility leading up to the FOMC meeting and as information starts to seep out, the volatility is likely to increase, but prior, it wouldn’t be uncommon to see trading volume on the low side.
- Today’s shooting star candle formation at the top of the current short term range highlights some indecision among market participants, which is expected this week, and the real trend is likely to unfold from Wednesday evening to Thursday lunch time.
- Support is currently sitting at 5800 and below that at 5775 with resistance at 5845 and above that around today’s high at 5865-5867.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
31% of stocks are showing oversold levels, 9% are showing overbought levels and 59% 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:
- KAR KAROON GAS AUSTRALIA +14.04%
- MGX MOUNT GIBSON IRON +6.98%
- BDR BEADELL RESOURCES +6.12%
- KMD KATHMANDU HOLDINGS +4.92%
- SXL SOUTHERN CROSS MEDIA GROUP +4.90%
Top 5 Losers:
- SRX SIRTEX MEDICAL -55.05%
- SEA SUNDANCE ENERGY AUSTRALIA -6.67%
- EVN EVOLUTION MINING -5.23%
- PDN PALADIN ENERGY -4.00%
- GEM G8 EDUCATION -3.79%
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