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May 08, 2023
A quick look at today: with a daily low of 7,220.2, ASX closed today at 7,276.5, after ending Friday at 7,220 and gaining 56.5 points (0.78%).
At the same time, Australia Building Approvals (MoM) (Mar) released today at 01:30 UTC with a figure of -0.1, while the previous figure was 3.9. Australia NAB Business Confidence (Apr) came out at zero, while a consensus of analysts was expecting zero.
ASX 200 made an initial breakout above its 10 day Simple Moving Average at 7,283, a potential indicator of a newly emerging bullish phase. ASX's lower Bollinger Band® is at 7,202.17, indicating that the market is oversold and fertile for new buyers. Despite this, ASX could be slowing down soon as it approaches resistance at 7,306.47. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems ASX might continue pointing upwards in the short term.
Other markets are also showing gains as Dow Jones went up by 1.65% today, and closed at 33,674. S&P 500 jumps 1.85% today and closed at 4,061.22. Nasdaq leaps up 2.25% today and closed at 11,966.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as Australia Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.2%; data will be released tomorrow at 01:30 UTC.
Elsewhere, Australia Westpac Consumer Sentiment (May) will be released tomorrow at 00:30 UTC.
Trading mostly sideways for a month. 3 months ago ASX reached a significant high of 7,558 but has consequently lost 4.47% since then.
