Tentatively higher from an earlier low of 6,933.7, ASX is up to 6,953 today, adding 19.3 points, or 0.28%, to yesterday's closing price of 6,933.7.
Meanwhile, Australia Westpac Consumer Sentiment (Nov) released yesterday at 23:30 UTC with a figure of -6.9, while the previous figure was -0.9.
Chart analysis indicates ASX 200 is 50.07 points away from testing key resistance at 7,003.17. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Fibonacci-minded traders witnessed a key Fib resistance level of 6,961 holding firm – an indicator of highly concentrated supply around this level. Asset volatility analysis shows that ASX's upper Bollinger Band® is at 7,004.69, this is a slight indication of a slowdown.
Overall, the technical outlook suggests ASX is likely to remain muted for the immediate future, with no clear-cut direction.
ASX shows positive signs, other assets are also on par: Dow Jones is up 1.31% to 32,827. Nikkei increases 1.24% to trade around 27,870. S&P 500 climbs 0.96% to trade around 3,806.8.
Elsewhere, Australia RBA Assist Gov Bullock speech is scheduled tomorrow at 09:05 UTC. Australia NAB Business Confidence (Oct) is scheduled for tomorrow at 00:30 UTC. Australia RBA Governor Lowe speech is expected today at 09:30 UTC.
The index has been trending positively for about a month. 4 months ago, ASX fell to a low of 6,434.7 but has since recovered 7.75%.