Market averages pausing

The All Ordinaries index was up 0.25% for the week ending 22 March 2019. The index ended the week 2.6% above its 200 DMA, having tracked sideways for most of the week and finishing near mid-bar, but below the short term high of two weeks ago. 6,325 remains the point of resistance, and we still … Read more

Information Technology at highs

The All Ordinaries index was down 0.35% for the week, ending 15 March 2019. The index ended the week 2.6% above its 200 DMA, pulling back from the level of the highs of October 2018. As we said last week, 6,325 is likely to be a point of considerable resistance, and it would not be unexpected to see the index spend some time moving sideways around this level. Any signs of strength above this level would be a positive indication as to the direction of the trend of the overall market.

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Consumer Staples strong but not leading

The All Ordinaries index was up 0.2% for the week, ending 8 March 2019. The index ended the week 3% above its 200 DMA, having stalled around the level of the old highs of October 2018, which is likely to be a point of considerable resistance and it would not be unexpected to see the index spend some time moving sideways around this level.

Any signs of strength above this level would be a positive indication as to the direction of the trend of the overall market.

Of the 473 stocks currently comprising the index (and for which we collect data), 266 of these (56%) ended the week above their respective 100 DMAs, down from 289 (60%) names at the end of last week.  Two hundred thirty-six stocks were up for the week, while 237 ended the week flat or down. Two hundred and twenty-eight shares finished the week within 20% of their 52-week highs, with 79 of those within 5% of 52-week highs.

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