The Australian Stock Market Hit A Post-GFC High But Then Ran Into A Wall

Getty/ John Gichigi

It’s been a good day on the ASX with the 200 index up 33.41 points or 0.60% to 5,576.70, its highest point since the global financial crisis..

That’s a good result but earlier in the day the ASX200 made a run at 5,600 with a high of 5,598.20.

Over many months the local market has been grinding higher but today the ASX 200 tested a key level and it seems traders decided to sell.

Business Insider spoke to Ric Spooner, Chief Market Analyst at CMC Markets:

“It’s a tough grind being an optimist in this market. The fact that sellers came in again at this resistance level reflects the fact that valuations are pretty full and a strong Aussie Dollar is dragging on sentiment.”

But Spooner says the next couple of days will be interesting and he thinks the ASX200 is “yet to see a trend peak at this resistance and may still break to the upside”.

Chart: CMC Markets

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