Markets across the board took a step back overnight, including European Indices, US Indices, Gold, Brent Crude and the Aussie Dollar, forcing our local Aussie 200 index to retreat some 90 points, and to compound the loss, the NAB Business Confidence Survey just hit the lowest level since mid-2013. Every sector was down with the Energy sector getting hit the hardest, falling a massive 5.05%.
How did the Aussie market perform today?
S&P/ASX200 lost 90 points or -1.70% on volume of $6.02 billion, closing at 5282.7.
Australian sector watch
Looking over the charts
- The Aussie 200 index was unable to hold on to recent momentum, vainly attempting to push above resistance at 5400 and 5430, but succumbing to global weakness, as sellers took over, pushing our index below several key support levels.
- The biggest cause for concern on this pull-back is that it is coming off several lower highs, dating back to the 21st of August 2014 and we have now hit our 4th consecutive lower high. This is a big cause for concern.
- Momentum has definitely changed in the last 24 hours as we note quite a bit of distributive selling from Monday’s high plus the large sell-off today, with support at 5275 looking vulnerable.
- Support is current sitting at 5270 and below at 5250 with resistance starting to build (once again) at 5300 and above that at 5330.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
25% of stocks are showing oversold levels, 23% are showing overbought levels and 39% 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:
- SKE SKILLED GROUP +8.66%
- MML MEDUSA MINING +4.20%
- BKN BRADKEN +3.12%
- PBG PACIFIC BRANDS +3.00%
- SPK SPARK NEW ZEALAND +2.94%
Top 5 Losers:
- SXY SENEX ENERGY -17.24%
- SEA SUNDANCE ENERGY AUSTRALIA -11.11%
- BCI BC IRON -10.53%
- DLS DRILLSEARCH ENERGY -10.40%
- AGO ATLAS IRON -9.38%
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