Australia: S&P/ASX 200 (.AXJO) Set to Open Higher Following Wall Street

Australia: S&P/ASX 200 (.AXJO) Set to Open Higher Following Wall Street

Australia: S&P/ASX 200 (.AXJO) Set to Open Higher Following Wall Street

Australian shares are poised to rise at the open, following Wall Street’s lead as Apple paced the Dow higher. ASX futures were up 25 points at 4.15am AEST.

The Australian dollar topped the US72¢ mark overnight bolstered by the latest local jobs data and a potential opening for refreshed trade talks between the US and China.

Today’s Agenda
Local data: BusinessNZ manufacturing PMI August

Overseas data: China August retail sales, industrial production and fixed assets; Japan industrial production July; Euro zone trade balance July; US retail sales August, Industrial production August, University of Michigan consumer sentiment September

Overall, the bias in prices is: Sideways.

The projected upper bound is: 6,224.95.

The projected lower bound is: 6,028.98.

The projected closing price is: 6,126.96.


A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 1 white candles and 9 black candles for a net of 8 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

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 44.6868. This is not an overbought or oversold reading. The last signal was a buy 2 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 34.44. 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 58 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 -89. This is not a topping or bottoming area. The last signal was a buy 1 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 down -47.200 at 6,128.700. Volume was 5% below average (neutral) and Bollinger Bands were 50% wider than normal.

Open High Low Close Volume___
6,175.9006,175.9006,126.7006,128.700 541,970,048

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 6,208.41 6,261.44 6,067.09
Volatility: 9 10 11
Volume: 567,821,184 557,025,920 563,949,760

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 1.0% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .AXJO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .AXJO and have had this outlook for the last 5 periods. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :