Despite a fairly turbulent session on Wall street, as a result of Janet Yellen’s dovish testimony, the Aussie 200 Index focused on breaking into new 7 year highs as many blue chips maintained their recent momentum to the upside. Gold managed to bounce off intraday lows and sits at $1,209 per ounce and the resilient Aussie Dollar also managed to rebound from a 100 pip loss to sit just below 79 cents.
How did the Aussie market perform today?
S&P/ASX200 gained 17.9 points or +0.30% on volume of $5.33 billion, closing at 5944.9.
Australian sector watch
Looking over the charts
- The Aussie 200 Index continues to get inspired by its international counterparts hitting all-time record highs and as a result marches forward, ever closer to record highs. Still quite a few obstacles to overcome, but heading in the right direction.
- If the commodity market makes any sort of significant rebound then we’re going to see the Aussie 200 index rocket higher, plus when you combine that with a lower Aussie Dollar, we could have the potential for a rapid rise in a short space of time.
- It goes without saying that momentum continues to favour the bulls as our market just closed at the highest price since May 2008. Once again, every recent dip has been continually bought up and the same happened again in the last 8 hours.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
14% of stocks are showing oversold levels, 32% are showing overbought levels and 69% 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:
- SXL SOUTHERN CROSS MEDIA GROUP +18.18%
- RFG RETAIL FOOD GROUP +15.29%
- SVW SEVEN GROUP HOLDINGS +10.84%
- BRG BREVILLE GROUP +10.46%
- PNA PANAUST +8.47%
Top 5 Losers:
- WOR WORLEYPARSONS -12.20%
- PGH PACT GROUP HOLDINGS -9.64%
- IRE IRESS -5.73%
- AWE AWE -4.83%
- WPL WOODSIDE PETROLEUM -4.22%
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