ASX rallied to 7,375.2, hitting its highest point in 7 months and a half; it later lost 20.8 points and closed at 7,354.4.
Australia Retail Sales is next tomorrow at 00:30 UTC.
At the same time, Australia Private New Capital Expenditure (QoQ) (Q3) released today at 00:30 UTC with a figure of -0.6, while the previous figure was zero. Fresh AIG Manufacturing Index (Nov) data from Australia came out at 44.7. Australia Building Approvals (MoM) (Oct) came out at -6, while a consensus of analysts was expecting -1.8.
ASX's notable support and resistance levels: ASX 200 is 16.27 points away from testing key resistance at 7,338. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates that investors are seeking long positions as ASX price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of ASX's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,390.17, thereby suggesting that ASX is becoming overvalued.
Overall, while ASX has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Nikkei went up by 0.92% today, and closed at 28,226. DAX is trading around 14,500 after ending today's session at 14,400 (up 0.65% today).
At the same time, Dow Jones is down to 34,300, losing 300 points, after ending the previous session around 34,600.
Furthermore, the market is looking at Australia Retail Sales is expected tomorrow at 00:30 UTC.
Also worthy of note, Australia RBA Governor Lowe speech scheduled to come out tomorrow at 02:40 UTC. Australia Home Loans (MoM) will be released tomorrow at 00:30 UTC.
The index has been trending positively for about a month. ASX hit a significant low of 6,434.7 around 5 months ago, but has since recovered 13.2%.