Trading Day – 5th May

The S&P/ASX 200 is steady at 4740 points with some intra-day buying support. Telstra is adding weight to the market, rallying up 1.4%.

Retail sales figures surprised the unsurprisable economists, which has weighed slightly on retail stocks.

The index (XJO) is dicing with its 200 day moving average (a closely watched indicator) and is still within its downward trend line from the 27th April recent high. It is tracking the weakness in AUD/USD (below 1.07 as this goes to print) and AUD/JPY as overseas markets continue to correct.

50/200 day moving average daily chart

Download the full report here: Trading Day 5th May 2011