Capital Expenditure numbers disappointed, dropping 2.2 per cent, pushing the chance of a March RBA rate cut back above 50 per cent with market participants grappling with the larger than expected drop in business investment. With relative flat numbers on the US Markets, local traders had little to go on until the CAPEX numbers hit and that was enough to drive many to take profits at current levels. The Aussie Dollar gave back half of the excellent gains overnight, sitting around 0.7850 with Gold hovering above the $1,200 per ounce level.
How did the Aussie market perform today?
S&P/ASX200 lost 36.4 points or -0.62% on volume of $5.24 billion, closing at 5908.5.
Australian sector watch
Looking over the charts
- The Aussie 200 Index has finally relented and instead of being bought up on each move lower, has actually continued to head south, but only a steady decline.
- CAPEX numbers disappointed, which was enough to send the Aussie Dollar 47 pips lower and give the Aussie 200 index a tough time making progress, breaking a few minor support levels on the way down.
- Momentum is still favouring the bulls and a pull back from these levels is not only very possible but extremely healthy to involved those traders who may have missed the last 4 weeks of solid gains.
- Support is currently sitting at 5885 and below that at 5855. Resistance is above at 5910, 5935 and 5955.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
14% of stocks are showing oversold levels, 33% 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:
- NEC NINE ENTERTAINMENT CO. HOLDINGS +9.43%
- ABC ADELAIDE BRIGHTON +7.46%
- JHC JAPARA HEALTHCARE +7.32%
- CVO COVER-MORE GROUP +5.96%
- FLT FLIGHT CENTRE TRAVEL GROUP +5.54%
Top 5 Losers:
- TSE TRANSFIELD SERVICES -6.42%
- MTS METCASH -6.29%
- AGO ATLAS IRON -5.00%
- ALQ ALS -4.67%
- PDN PALADIN ENERGY -3.66%
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