Australia: S&P/ASX 200 (.AXJO) investors just got the final piece of a 13-month inquiry into the rampant misconduct at the nation’s biggest banks and financial firms
Australian investors just got the final piece of a 13-month inquiry into the rampant misconduct at the nation’s biggest banks and financial firms that could set the tone for the country’s stocks this week.
The report on financial companies — which make up the biggest portion of the benchmark equity index — was released after the stock market closed Monday and recommended against a structural separation. The S&P/ASX 200 Finance Index, whose companies account for a little more than A$503 billion ($364 billion) in value, hangs in the balance as investors assess the report just released which referred 24 misconduct cases to regulators.
In 76 recommendations, Commissioner Kenneth Hayne recommends tougher regulation, more scrutiny of pay and culture and urges the securities regulator to consider court action as a first option. But in a win for the banks, he stops short of calling for them to be forcibly broken up to stop them offering financial advice and wealth management.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 5,832.02.
The projected upper bound is: 6,044.51.
The projected lower bound is: 5,746.67.
The projected closing price is: 5,895.59.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 36.9036. This is not an overbought or oversold reading. The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 61.52. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 65 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 49. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 2 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 28.400 at 5,891.200. Volume was 0% above average (neutral) and Bollinger Bands were 32% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 5,874.38 5,715.86 6,005.30
Volatility: 8 17 14
Volume: 612,050,688 605,341,376 589,785,280
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
S&P/ASX 200 is currently 1.9% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into .AXJO (mildly bullish). Our trend forecasting oscillators are currently bullish on .AXJO and have had this outlook for the last 19 periods.