Asian Futures:
- Australia’s ASX 200 index closed at 7,456.90 on Friday
- Japan’s Nikkei 225 index closed at 29,611.57 on Friday
- Hong Kong’s Hang Seng index closed at 24,870.51 on Friday
- China’sA50 Index closed at 15,591.46 on Friday
European Friday close:
- UK’s FTSE 100 index rose 24.05 points (0.33%) to close at 7303.96
- Europe’sEuro STOXX 50 index rose 29.7 points (0.69%) to close at 4363.04
- Germany’s DAX index rose 24.71 points (0.15%) to close at 16054.36
- France’s CAC 40 index rose 53 points (0.76%) to close at 7040.79
US Friday close:
- The Dow Jones rose 203.75 points (0.56%) to close at 36,327.95
- The S&P 500 rose 17.47 points (0.38%) to close at 4,697.53
- The Nasdaq 100 rose 13.133 points (0.08%) to close at 16,359.38
Indices:
The S&P 500 rose for a fifth consecutive week, although Friday’s Spinning Top Doji at the monthly R1 pivot suggests it may need to pause for breath. The Russell 2000 hasn’t really looked back since it broke its 8-month sideways range. We remain bullish above 2357 and would welcome any pullback towards it.
We’ll have our eyes on the Nikkei today to see if it can extend its post-election rally. Reports over the weekend suggest that PM Kishida may move ahead with his election promise with a ¥35 trillion economic package. The package is to include around ¥100k cash handouts for children 18 and below, regardless of household income. The travel ban will also be eased to allow internal travel. Kishida has vowed to unveil several large-scale packages this month and aims to get them past parliament by the end of the year. We’ll dig through the details when they arrive but, on the face of it, it suggests BOJ may have reason to up their forecasts for growth and CPI for a change.
The ASX 200 formed a bullish outside week although resistance was met at the monthly R1 pivot on Friday. If prices can hold above Friday’s low today then perhaps it can break out and have another crack at trading above 7500.
ASX 200 Market Internals:
ASX 200: 7456.9 (0.39%), 06 November 2021
- Telecomm Services (1.65%) was the strongest sector and Information Technology (-1.64%) was the weakest
- 8 out of the 11 sectors closed higher
- 2 out of the 11 sectors closed lower
- 7 out of the 11 sectors outperformed the index
- 117 (58.50%) stocks advanced, 73 (36.50%) stocks declined
- 66% of stocks closed above their 200-day average
- 60% of stocks closed above their 50-day average
- 64% of stocks closed above their 20-day average
Outperformers:
- + 8.55%-Link Administration Holdings Ltd(LNK.AX)
- + 6.94%-News Corp(NWS.AX)
- + 6.31%-Northern Star Resources Ltd(NST.AX)
Underperformers:
- ·-12.48%-Clinuvel Pharmaceuticals Ltd(CUV.AX)
- ·-11.27%-Virgin Money UK PLC(VUK.AX)
- ·-5.53%-Afterpay Ltd(APT.AX)