The S&P/ASX 200 is up almost 60 points or 1.3% at midday, clawing back some of the losses of the near month long correction. Asian markets however are mixed on the back of the Japanese GDP shrinking, with the Nikkei down slightly, the Hang Seng up 0.4% and Singapore up 0.5%. The AUD is up again to 1.0676 against the USD, whilst gold is flirting with $1500 USD an ounce and WTI oil just over $100 USD per barrel.
The daily charts and intraday buying strongly suggest firm support at 4650/4700 points with a rebound in all sectors. Even banks are up, shrugging off the Moody’s downgrade of yesterday. Individual stock analysis shows evidence of continued support and a rebound off current low price levels.
Close above the 15 day moving average is bullish
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