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July 01, 2023
Yesterday at a glance: a quiet day for ASX as it remained range-bound within a 7,165.7 – 7,209 range before closing at 7,203.3.
Uncertainty around ASX is reflected by published market data as Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -39,400, while the previous figure was -49,600. Australia's Private Sector Credit published yesterday at 01:30 UTC came out at 0.4%. The fresh reading lived up to analyst expectations as well as matching the previous month's figure.
ASX 200 made an initial break below its 21 day Simple Moving Average at 7,176.68, a possible indication of a forthcoming negative trend. On the other hand, note that ASX reversed direction at 7,177.47 support zone and climbed 25.83 points above it.
Despite the market lacking direction, technical chart analysis strongly suggests ASX is positioned for a downward move in the near term.
While ASX was pretty flat yesterday, mixed performances were seen elsewhere as CAC goes up 1.19% yesterday and closed at 7,312.73. FTSE goes up 0.8% yesterday and closed at 7,471.69. S&P 500 is trading around 4,450.38 after ending yesterday's session at 4,396.44 (up 1.23% today).
ASX hit a significant low of 6,457 around 8 months ago, but has since recovered 11.43%.
