Reporting season in America threw markets into a spin with the major indices pulling back up to 1.89 per cent as earnings disappointing to the downside. Having said that, Yahoo reporting earnings after hours and the stock price is up some 7 per cent, pointing to a positive start on the futures market. The Aussie 200 index managed to climb into the positive, despite these headwinds, gaining 5.6 points and the Aussie Dollar is sitting right on the 80 cent mark.
How did the Aussie market perform today?
S&P/ASX200 gained 5.6 points or +0.10% on volume of $4.20 billion, closing at 5552.8.
Australian sector watch
Looking over the charts
- The Aussie 200 Index defied some pretty negative sentiment from our US counterparts overnight, bucking the bearish trend to close up for the day and at the highest price since September last year.
- What is most exciting for the bulls is the support that held from the early sell-off, when we dropped 25 points before climbing back into the positive and near the highs of the day.
- The psychological resistance points can be really tough to break through and we had every reason to today, yet continued boldly forward, buying up the index constituents.
- As we continue closing towards the highest price in the last 10 days the stochastic indicator remains in overbought and is usually unreliable when hitting new short term highs, so instead we keep an eye out for divergence.
- Support is currently sitting at 5525 and below that at 5500 with resistance sitting at 5562 and then 5600.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
8% of stocks are showing oversold levels, 48% are showing overbought levels and 57% 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:
- BCI BC IRON +8.14%
- CWN CROWN RESORTS +7.54%
- NUF NUFARM +6.38%
- BDR BEADELL RESOURCES +6.25%
- CDD CARDNO +5.57%
Top 5 Losers:
- BKN BRADKEN -35.77%
- MRM MMA OFFSHORE -8.74%
- SVW SEVEN GROUP HOLDINGS -5.11%
- TSE TRANSFIELD SERVICES -5.10%
- MIN MINERAL RESOURCES -4.14%
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