Australia: S&P/ASX 200 (.AXJO) pointing higher
Australian shares opened the week lower as investors sought more defensive positions after US President Donald Trump threatened to escalate the tariff war with China.
The S&P/ASX 200 index fell 58.3 points, or 0.9 per cent, to 6227.6 amid increased uncertainty surrounding global growth. It was the biggest decline since March 23.
According to the latest SPI futures, the Australian share market is expected to open the day higher. At present futures are pointing to the market lifting 0.3% or 17 points at the open following a reasonably positive night of trade on Wall Street. The Dow Jones edged slightly lower, but the S&P 500 was 0.2% higher and the Nasdaq rose 0.3%.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,362.25.
The projected lower bound is: 6,174.57.
The projected closing price is: 6,268.41.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black 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 60.5925. This is not an overbought or oversold reading. The last signal was a sell 9 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 57.35. 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 21 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 13. This is not a topping or bottoming area. The last signal was a sell 9 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 6 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 38.200 at 6,265.800. Volume was 16% below average (neutral) and Bollinger Bands were 45% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,248.45 6,137.88 6,002.81
Volatility: 12 10 11
Volume: 477,943,456 557,297,856 548,981,632
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 4.4% 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 23 periods.