Today at a glance: after finishing yesterday at 6,664.4, ASX went up to 6,790.7 before paring its losses and closing at 6,779.2.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. ASX's upper Bollinger band is at 6,890, this is a slight indication of a slowdown. In contrast, price action overcame a known Fibonacci resistance level at 6,729.3 by around 49.9 points with prices hammering out a 6,664.4 – 6,790.7 session range. ASX broke through the 6,733.8 resistance, climbing 45.4 points above it.
Examining the technical analysis landscape, ASX is likely to reverse course and start pointing downward in the short term.
ASX shows positive signs, other assets are also on par: notably, S&P 500 rose 2.65% today and closed at 3,583. Nasdaq went up by 3.43% today, and closed at 10,676. Dow Jones went up by 1.86% today, and closed at 30,200.
ASX traded as high as 7,589.8 before shedding 11.42% lower over the past six months.