##{"id":71360,"date":"2017-10-30T10:48:00","date_gmt":"2017-10-29T23:48:00","guid":{"rendered":"https:\/\/www.fnarena.com\/index.php\/2017\/10\/30\/asx200-5900-is-the-new-6000\/"},"modified":"2017-10-30T10:48:09","modified_gmt":"2017-10-29T23:48:09","slug":"asx200-5900-is-the-new-6000","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2017\/10\/30\/asx200-5900-is-the-new-6000\/","title":{"rendered":"ASX200: 5900 Is The New 6000"},"content":{"rendered":"<p>By Craig Parker, asset manager, Moat Capital<\/p>\n<p style=\"text-align:justify\"><span style=\"color:windowtext\">5900 is the new 6000 as the ASX 200 does it&rsquo;s best to get back to 6000. &nbsp;Alas we have Monday and with the US markets rallying overnight it looks like it will be onwards and upwards. Even with our political turmoil we have seen it all before and no doubt we will recover. As mentioned in my previous report I still believe the 6000 level will see some resistance as we witnessed the week just gone. It seems Fridays have gone from buy day to volatile day with the last two Fridays being large outside ranges and last Friday being much larger than the previous Friday. This suggests some jitters and perhaps a counter trend in the medium term.<\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"color:windowtext\">In the short term we are likely to follow the US lead with large moves overnight on the NASDAQ and S&amp;P 500. The NASDAQ was over 2% and a clear breakout in a strong uptrend. How long this can last is anyone&rsquo;s guess however, it is now a considerable distance from the 60-day moving average and history suggests it must come back to the 60-day moving average. The time frame is generally within weeks. The same can be said for the S&amp;P 500 and it also has some serious RSI bearish divergence on the daily chart as highlighted. <\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"color:windowtext\">Oil is nearing some resistance so look out for some wavering around 54 next week. On the domestic front I will be watching the daily financials chart as it seems to be having trouble making a clear new high higher than the previous one. Hopefully next week it can break to new highs otherwise, it could slide back into the medium term down trend and at best a sideways channel. Considering this sector is a fair chunk of our market it is one to watch closely. <\/span><\/p>\n<p style=\"text-align:justify\">\n<span style=\"color:windowtext\"><u>ASX200 daily<\/u><\/span><\/p>\n<p style=\"text-align:justify\"><img decoding=\"async\" class=\"img-responsive maxwidth\" src=\"https:\/\/www.fnarena.com\/ckfinder\/userfiles\/files\/Charts\/moat46-1.jpg\" \/><\/p>\n<p style=\"text-align:justify\">\n<u>ASX200 financials ex-REITs daily<\/u><\/p>\n<p style=\"text-align:justify\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/moat46-2.jpg\" style=\"height:406px;width:832px\" \/><\/p>\n<p style=\"text-align:justify\">\n<u>S&amp;P500 daily<\/u><\/p>\n<p style=\"text-align:justify\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/moat46-3.jpg\" style=\"height:406px;width:832px\" \/><\/p>\n<p style=\"text-align:justify\">\n<u>Nasdaq daily<\/u><\/p>\n<p style=\"text-align:justify\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/moat46-4.jpg\" style=\"height:406px;width:832px\" \/><\/p>\n<p style=\"text-align:justify\">\n<u>WTI oil daily<\/u><\/p>\n<p style=\"text-align:justify\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/moat46-5.jpg\" style=\"height:406px;width:832px\" \/><\/p>\n<p>\n<span style=\"font-size:10.0pt\">Authorised Representative Sentinel Private Wealth AFSL 344762<\/span><\/p>\n<p><span style=\"font-size:10.0pt\"><img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/Moat%20logo.jpg\" style=\"height:69px;width:170px\" \/><\/span><\/p>\n<p><a href=\"http:\/\/moatcapital.com.au\/\"><span style=\"font-size:10.0pt\">www.moatcapital.com.au<\/span><\/a><\/p>\n<p style=\"text-align:justify\"><strong><span style=\"color:windowtext\"><span style=\"font-size:9.0pt\">Important Information<\/span><\/span><\/strong><\/p>\n<p><span style=\"font-size:9.0pt\">This document and its contents are general in nature and do not constitute or convey personal advice.&nbsp; It has been prepared without consideration of anyone&#039;s particular financial situation, needs or financial objectives.&nbsp; Personal advice should be sought before acting on any of the areas discussed.&nbsp; The authors and distributors of this document accept no liability for any loss or damage suffered by any person as a result of that person, or any other person, placing any reliance on the contents of this document.<\/span><\/p>\n<p><span style=\"font-size:9.0pt\">Moat Capital has made every reasonable effort to ensure the information provided is correct, but Moat Capital makes no representation or any warranty as to whether the information is accurate, complete or up to date.&nbsp; To the extent permitted by law, Moat Capital accepts no responsibility for any errors or misstatements, negligent or otherwise.&nbsp; The information provided may be based on assumptions or market conditions and may change without notice.<\/span><\/p>\n<p><em>Reprinted with permission of the publisher.<\/em> <em>Content included in this article is not by association the view of FNArena (see our <a href=\"http:\/\/www.fnarena.com\/index2.cfm?type=dsp_webht\">disclaimer<\/a>).<\/em><\/p>\n<p><em><strong>Technical limitations <\/strong><\/em><\/p>\n<p><em><strong>If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.<\/strong><\/em><\/p>\n<p><em>Find out why FNArena subscribers like the service so much: &quot;<a href=\"http:\/\/www.fnarena.com\/index4.cfm?type=dsp_newsitem&amp;n=29EB960D-9DFF-C00E-7F6B464E5D52E250\">Your Feedback (Thank You)<\/a>&quot; &#8211; Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Craig Parker of Moat Capital notes getting to 6000 first requires the ASX200 to conquer 5900.<\/p>\n","protected":false},"author":8,"featured_media":71362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/71360"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=71360"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/71360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media\/71362"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=71360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=71360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=71360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}