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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

ASX 200 afternoon report: 2nd of February 2023

ASX 200 market update as of 2nd of February 2023, 3.00 pm AEDT.

Source: Bloomberg

The ASX 200 trades 12 points (0.16%) higher at 7514 at 3.00 pm Sydney time.

In a carbon copy of the price action viewed in the prior two sessions, the ASX 200 this morning traded to a fresh nine-month high before sellers again emerged to take the shine off early gains.

The disappointing performance comes despite a positive lead from Wall Street after Fed Chair Powell deviated from his hawkish script during this morning’s FOMC meeting, noting that the “disinflationary process has begun” and that it was “certainly possible” the Fed will keep its benchmark rate below 5%.

The persistent selling in the local market is likely a sizeable institutional player getting out of the Australian market in favour of global stock markets with a higher percentage of growth stocks than our value-laden index. Growth stocks are better positioned to benefit from an imminent Fed pause.

Or possibly on concerns the RBA still has a lot more work to do to break the back of stubborn inflation and speculation increases of a larger-than-expected RBA rate hike next week. More so after today’s strong rebound in building approvals which surged by 18.5% vs expectations of +1%.

IT sector

With those thoughts in mind, it’s no surprise that tech stocks have been the standout today.

Consumer Discretionary stocks

Consumer Discretionary stocks have also gained today.

Financial sector

The big banks have struggled with talk of a larger-than-expected RBA rate hike next week.

  • NAB fell 0.5% to $31.58
  • Westpac fell 0.34% to $23.52
  • ANZ fell 0.28% to $25.20
  • CBA is trading flat on the day at $110.12.

Mining sector

The big miners have fallen as the rotation from value to growth stocks gains traction.

Technical analysis

Over the past seven sessions, there has been a notable loss of upside momentum in the ASX 200. Additionally, the ASX 200 is overbought, and for the Elliott Wave followers, there is a five-wave advance from the October 6411 low, which warns of a possible pullback.

We continue to favour trimming longs ahead of the bull market 7632 high and looking to either buy a sustained break of the 7632 high or a pullback into the 7200/7000 support area.

ASX 200 daily chart

Source: TradingView

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This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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