Another positive day for the S&P/ASX 200 Index today, climbing 0.77% or 33 points higher to 4321 points after a late surge in the afternoon session:
Resistance at 4350 points is the next critical target, a level it was unable to breach throughout all of October:
In after hours trading, the Australian SPI futures have slipped and are trading at 4310 points.
Asian markets had a mixed day, with Japan’s Nikkei 225 up 0.6% at 8695 points, the volatile Hang Seng only up 0.3% to 19096 points whilst the Shanghai Composite is currently off over 1.2% or 29 points to 2330 points, still slinking at yearly lows above its support level:
The US markets on Friday were flat with the S&P500 steady at 1244 points, maintaining a position halfway through the price distribution of the October rally.
In Europe, the markets were up stronger with the UK FTSE up 1.1% to 5552 points and the German DAX up 0.7% to 6080 points with both major bourses hitting overhead resistance levels.
Again, the Euro (EUR/USD) continues a very weak breakout from its double bottom, currently trading unchanged at 1.3413, which is reflected in the USD Index which has stalled its correction, finding short term support at 78.3 points, barely off its recent highs, with strong support at 76 points:
The AUD was steady, waiting for the RBA rates decision tomorrow and is currently at 102.19 cents whilst WTI crude busted through the $100 a barrel level today, breaking out of the weekly chart below:
Gold was another steady “currency” today, barely moving at $1749 USD an ounce, even in Australian dollars it remains at $1707 AUD an ounce.
Movers and Shakers
All sectors but healthcare were in the green today – the usual suspects (materials/financials/energy) dragging the index up.
All the banks were bid up, with ANZ up 0.8%, Commonwealth (CBA) up 0.8% to finish just below $50 per share, National Australia Bank (NAB) the weakest up 0.4% whilst Westpac (WBC) also put on 0.6%
Macquarie (MQG) was the better performer, almost up 1% today, whilst healthcare standout Cochlear (COH) slipped as it remains below significant resistance at $60 per share.
Its “twin” CSL also slipped falling 5c to $32.25 whilst Telstra (TLS) was bid up 0.6%
It was the resources that provided most of the gainss, with BHP Billiton (BHP) bid up 1.6%, alongside its “twin” Rio Tinto (RIO) up 1%.
Gold miner Newcrest Mining (NCM) bucked the trend and fell 1.5% as it continues to kick along in a trading range with strong support, just like the shiny metal (for now).
Fortescue (FMG) was sold off only slightly, and rounding out the ASX8, Woodside Petroleum (WPL) was up 1.5%, albeit from low levels.
Wesfarmers (WES) and Woolworths (WOW) continue to attract bids from defensive investors, although not as exuberant as late last week and were up 0.6% and 0.2% respectively.