The ASX 200 came back and re-tested the prior breakout area today at 7900 (low of 7902), which in theory should provide a decent level of support given it took over 4-months and 4 failed attempts to leap over the milestone, which finally came on the 11th July. While only early days, we may well be seeing the formation of a new trading range, and the risk/reward stacks up to be a buyer ~7900, using 7850 as a point to raise the white flag, given a move through that level suggests the recent run towards 8100 was a false break. All very micro and index-orientated, but important nonetheless to determine whether the general market is in a risk-on or risk-off position. For now, support held, and we saw buying come in by the close.
A soft session played out on Friday, with the ASX down 64pts/0.81% at 7971, though we did see a decent recovery from the lows (up around 45pts),perhaps a result of a major IT issue caused by global Cyber Security firm CrowdStrike that impacted many of us, including the ASX. Short CrowdStrike, long Microsoft might be the play tonight!
Tech was knocked overnight and the trend continued locally today with the rotation out of the hotter stocks, into some of the more ‘boring’ sectors, while property took a breather amidst continued strength in employment which prompted interest rate traders to increase the odds for a hike.
The ASX200 pushed towards 8100 today, extending July's gains to 3.8% - so far, trumping July's average advance of the last decade by 0.8%. While it was a strong session, some selling became obvious late in the day and it wouldn’t surprise MM to see some consolidation play out from here, after a fantastic run.
A day of consolidation for the ASX with the market getting used to the ‘8 handle’, as recent trends extended i.e. Property up ~1% and resources down ~1% with the hangover of weaker Chinese growth lingering over the sector.
The market smashed through 8000 this morning on a clear breakout of its nearly 6-month-long trading range, hitting an early high of 8037, before tapering off into the back end of the session following softer Chinese GDP. All 11 sectors were higher, though most buying was targeted in the large caps with the Small Ords finishing flat.
The market broke to new all-time highs today, and held them, underpinned by broad-based strength with 85% of the ASX 200 ending the session higher, though there was an obvious change to market leadership, with property and consumer discretionary i.e. interest rates sensitive sectors leading the line, while small caps outperformed large.
The ASX is back-testing highs with a short foray above 7900 this morning before we ticked back below the milestone by the close. Still, it was a very positive session for local stocks, keying off a more broad-based rally in US overnight i.e. it wasn’t just the mega-cap tech stocks that moved, the often neglected US Material sector was No2 for the session driven by strong moves in Uranium shares, while the small caps (Russell 2000) kept pace with the larger caps ahead of quarterly earnings that is expected to show US earnings growth spreading across a more diverse group.
A weak open this morning saw the ASX down over 50pts at the low, though a consistent recovery for the remainder of the day saw the market only mildly down by the close, an eclectic mix of stocks scattering the leaderboard. What has been consistent is the underperformance of some commodities, going against the improving trends that played out last week, though Gold remains the exception.
The ASX 200 came back and re-tested the prior breakout area today at 7900 (low of 7902), which in theory should provide a decent level of support given it took over 4-months and 4 failed attempts to leap over the milestone, which finally came on the 11th July. While only early days, we may well be seeing the formation of a new trading range, and the risk/reward stacks up to be a buyer ~7900, using 7850 as a point to raise the white flag, given a move through that level suggests the recent run towards 8100 was a false break. All very micro and index-orientated, but important nonetheless to determine whether the general market is in a risk-on or risk-off position. For now, support held, and we saw buying come in by the close.
A soft session played out on Friday, with the ASX down 64pts/0.81% at 7971, though we did see a decent recovery from the lows (up around 45pts),perhaps a result of a major IT issue caused by global Cyber Security firm CrowdStrike that impacted many of us, including the ASX. Short CrowdStrike, long Microsoft might be the play tonight!
Tech was knocked overnight and the trend continued locally today with the rotation out of the hotter stocks, into some of the more ‘boring’ sectors, while property took a breather amidst continued strength in employment which prompted interest rate traders to increase the odds for a hike.
The ASX200 pushed towards 8100 today, extending July's gains to 3.8% - so far, trumping July's average advance of the last decade by 0.8%. While it was a strong session, some selling became obvious late in the day and it wouldn’t surprise MM to see some consolidation play out from here, after a fantastic run.
A day of consolidation for the ASX with the market getting used to the ‘8 handle’, as recent trends extended i.e. Property up ~1% and resources down ~1% with the hangover of weaker Chinese growth lingering over the sector.
The market smashed through 8000 this morning on a clear breakout of its nearly 6-month-long trading range, hitting an early high of 8037, before tapering off into the back end of the session following softer Chinese GDP. All 11 sectors were higher, though most buying was targeted in the large caps with the Small Ords finishing flat.
The market broke to new all-time highs today, and held them, underpinned by broad-based strength with 85% of the ASX 200 ending the session higher, though there was an obvious change to market leadership, with property and consumer discretionary i.e. interest rates sensitive sectors leading the line, while small caps outperformed large.
The ASX is back-testing highs with a short foray above 7900 this morning before we ticked back below the milestone by the close. Still, it was a very positive session for local stocks, keying off a more broad-based rally in US overnight i.e. it wasn’t just the mega-cap tech stocks that moved, the often neglected US Material sector was No2 for the session driven by strong moves in Uranium shares, while the small caps (Russell 2000) kept pace with the larger caps ahead of quarterly earnings that is expected to show US earnings growth spreading across a more diverse group.
A weak open this morning saw the ASX down over 50pts at the low, though a consistent recovery for the remainder of the day saw the market only mildly down by the close, an eclectic mix of stocks scattering the leaderboard. What has been consistent is the underperformance of some commodities, going against the improving trends that played out last week, though Gold remains the exception.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
Verication email sent.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
!
Invalid One Time Password
Please check you entered the correct info, please also note there is a 10minute time limit on the One Time Passcode
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
