Market snaps back after strong gains

By Tim Michaelides | Recorded 4:00pm, 15th November 2017

The market has now retreated back below the 6000 level, after the strongest rally we have seen from our market this year. It is common to see a pullback as traders take profit from the move up. Commodities led the move down today with energy and materials sectors leading the fall after Iron Ore futures and Crude Oil fell strongly overnight. NAB, WBC, and ANZ have all fallen back to key support levels after going Ex-dividend, traders will be watching carefully for signs if these levels will hold or break in the coming days or weeks. There are various support levels below the current market level, the one closest is around 5900.

Renewed uncertainty around the Yield curve flattening ahead of inflation figures tonight and the FED rates announcement next month is playing sentiment. The FED is widely expected to raise rates next month.   

In the US main focus is on Tax Reforms with no certainty around what and when they will get approved. The markets are likely to react to any news around approve of Tax Reforms.

 


 
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