For all the doom a gloom about the US fiscal cliff, the Australian share market seems to have hit its straps. As of today, 12 December 2012, the S&P ASX 200 index, Australia’s most watch stock price index, has just hit a new 52 week high.
With the 200 Day Moving Average (DMA) rising and the 10, 35 and 50 DMAs all trending up and placed nicely above the 200 DMA, the outlook for the Australian market is starting to look a lot better.
Chart 1 – S&P ASX 200
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