Fresh record highs on the S&P500 provided local investors an ideal start to the last trading day of the week, with our local index cheering on the gains on Wall Street, to push up 35 points by lunch time, despite both NAB and ANZ going ex dividend on Friday. Taking a look across the sectors we notice all green screens and that comes despite continued weakness across the commodities overnight.
How did the Aussie market perform today?
S&P/ASX200 gained 43 points or +0.77% on volume of $6.31 billion, closing at 5549.1.
Australian sector watch
Looking over the charts
- The Aussie 200 index continues to push higher and when taking a look across the top 50 ASX stocks, it’s easy to see why. Countless stocks are in strong uptrends with 67% hitting higher highs and pushing higher yet again today.
- Despite much of our blue chip sector showing small signs of divergence and showing readings of well and truly overbought, there doesn’t seem to be any lack of confidence to keep pushing them higher.
- Momentum on the stochastics is showing signs of weakness with today’s breakout to the upside unable to push the stochastic past the 80 mark, although in fairness it is still pushing higher.
- Support is currently sitting at 5525 and below that at 5490-5500 with resistance continually moving higher and now sitting at 5560 and above that at 5575.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
23% of stocks are showing oversold levels, 36% are showing overbought levels and 49% 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:
- TEN TEN NETWORK HOLDINGS +17.39%
- BDR BEADELL RESOURCES +8.51%
- PDN PALADIN ENERGY +8.20%
- DLS DRILLSEARCH ENERGY +5.50%
- PBG PACIFIC BRANDS +5.43%
Top 5 Losers:
- RSG RESOLUTE MINING -13.46%
- UGL UGL -7.30%
- LYC LYNAS CORPORATION -3.51%
- QUB QUBE HOLDINGS -2.88%
- NAB NATIONAL AUSTRALIA BANK -2.81%
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