Australia: S&P/ASX 200 (.AXJO) minor kick off

Australia: S&P/ASX 200 (.AXJO) minor kick off

Australia: S&P/ASX 200 (.AXJO) minor kick off

The local share market started the week with a minor lift of 0.01 per cent or 1 point, after rising for three straight weeks as at Friday.

We saw several stocks hit all-time highs on Friday and set new ones today, including Jumbo Interactive (ASX:JIN) Qube (ASX:QUB) and Aventus (ASX:AVN) which all set new record highs.

AMP (ASX:AMP) shares hit a three week high today, and Fortescue (ASX:FMG) shares hit an almost 1.5 month high.

At the closing bell the S&P/ASX 200 index closed 6,648 points, about 3.1 per cent or 315 points off the all-time high.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,811.90.

The projected lower bound is: 6,484.09.

The projected closing price is: 6,648.00.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 92.9492. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 3 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 57.08. 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 sell 45 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 135.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 8 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 0.700 at 6,648.000. Volume was 16% below average (neutral) and Bollinger Bands were 10% narrower than normal.

Open     High      Low     Close     Volume___
6,647.3006,659.7006,631.2006,648.000 542,926,592
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 6,569.77 6,628.54 6,239.52
Volatility: 10 16 14
Volume: 699,801,216 640,879,168 634,265,088

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.

Summary

S&P/ASX 200 is currently 6.5% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 1 periods.

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