Australia: S&P/ASX 200 (.AXJO) Watch for Earnings
Australian shares have finished lower, with investor caution and a weak Wall Street lead robbing the local market of momentum on Monday.
The benchmark S&P/ASX200 index was down 21.8 points, or 0.35 per cent, at 6,278.4 points at 1615 AEST on Monday, while the All Ordinaries was down 22.7 points, or 0.36 per cent, at 6,368.8 points.
The ASX 200’s upward trend appeared under threat as last week unfolded, failing for several days to shake a stubborn sideways trading pattern that had some calling an imminent consolidation for the index.
The key this week will lie in how a spate of company reports reflect the overall corporate health of the Australian economy, and how fundamental data (particularly out of China) supports or undermines the global growth story.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,377.80.
The projected lower bound is: 6,186.64.
The projected closing price is: 6,282.22.
A black body occurred (because prices closed lower 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 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 69.3438. This is not an overbought or oversold reading. The last signal was a sell 13 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 57.27. 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 25 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 115.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 13 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 10 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed down -21.800 at 6,278.400. Volume was 18% below average (neutral) and Bollinger Bands were 50% 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: 6,256.14 6,151.57 6,013.37
Volatility: 11 10 10
Volume: 526,392,064 557,856,896 551,589,248
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 volume flowing into and out of .AXJO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .AXJO and have had this outlook for the last 27 periods.
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