The All Ordinaries index finished the week ending January 25 up another 0.5%, taking the index above its 100 days moving average (DMA) for the first time since early October last year. The index also closed just 2% below its 200 DMA. Of the 474 stocks currently comprising the index, only 189 shares (40%) ended the week above their respective 100 DMAs. Two hundred forty-eight stocks were up for the week, while 226 names ended the week flat or down.
The All Ordinaries index was up 1.8% during the week ending 18 January 2019. This was an impressive move bringing total gains since the December 24 low to 6.9% and taking the index back up to within 3% of the 200 DMA, a significant level from an overall trend perspective.
As always it’s not the headline number that interests us but the numbers behind this number that gives us a better understanding of what’s driving the market at the more granular level of sectors and companies.