A quick look at today: after finishing yesterday at 6,959, ASX went up to 7,012.4 before paring its losses and closing at 6,999.3.
At the same time, Australia Building Approvals (MoM) (Oct) released today at 00:30 UTC with a figure of -5.8, while the previous figure was 28.1. Australia NAB Business Confidence (Oct) released yesterday at 00:30 UTC with a figure of zero, while the previous figure was five.
ASX 200 made an initial breakout above its 200 day Simple Moving Average at 7,000.18, a potential indicator of a newly emerging bullish phase. ASX broke through the 6,984 resistance and climbed above it 15.4 points; next resistance level is at 7,012.3. On the other hand, note that Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,036, thereby suggesting that ASX is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems ASX likely to continue pointing upward in the short term.
At the same time, after ending today's session at 33,161, Dow Jones lost 460.83 points and is trading around 32,700. S&P 500 is down to 3,772, losing 56 points, after ending the previous session around 3,828. After ending today's session at 10,616, Nasdaq lost 216.2 points and is trading around 10,400.
The index has been trending positively for about a month. Having set a significant low of 6,434.7 4 months ago, ASX is trading 8.15% higher.