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A good session to end a choppy but ultimately positive week for the market that included a new all-time high for the ASX200 on Tuesday at 8446, and a new closing high today at 8393. Lots of corporate news coming from AGM’s, with a few hits, but more misses.
We are adding to a position in the Active Growth Portfolio
The ASX200 surrendered early gains on Thursday to finish the session down just 3 points, holding above 8320 technical support. How the US would react to Nvidia’s (NVDA US) result, delivered yesterday morning our time, was a hot topic of conversation that kept many players on the sidelines as the early reaction was muted, the stock initially dipping 5% in after-market trade.
The ASX drifted mildly lower today in a quiet session at the index level with November options expiry dominating flows. A long list of AGMs headlined by MinRes (MIN), while there were some hits and misses elsewhere with several companies providing trading updates.
The ASX200 drifted lower throughout Wednesday to finish a disappointing session down -0.57%, with over 80% of the main board closing lower. It was a “risk-off” day for the local bourse, with concerns around Trump’s looming tariffs and the Ukraine-Russia War weighing on sentiment.
The markets keyed off the last hour of yesterdays session and fell away progressively throughout the day, and from a technical perspective, the bullish new high at 8446 that has now potentially failed is at risk of being a false breakout, a bearish pattern.
The ASX200 was soaring towards 8450 around 3pm yesterday afternoon before an aggressive sell order swept through the market, leaving it up 74-points/0.9%; it still sounds like a great day, but in the last hour on Tuesday, over half of the day’s gains had been wiped out.
Tuesday was an excellent session for the ASX200, with over 70% of stocks closing higher as the index surged to new all-time highs. MM has been targeting the 8500-8600 area by Christmas; we’re starting to look too conservative!
The ASX200 recovered from early losses on Monday morning to close up +0.25%, an encouraging performance after a weak session in the US on Friday night.
It was a mixed but ultimately positive session for the ASX, with ~65% of the main board advancing. From a points perspective, the miners led the way, while the “Big Four Banks” were up and down, with CBA catching the eye falling over $2.
