Australian stocks are putting on a stonking rally on Tuesday, seemingly out of nowhere.

All sectors bar utilities are firmly in the black, led by financials which have added an enormous 1.7%.

With the largest component within the index ripping higher, the ASX 200, at +1.27%, is currently on track to record it largest one-day gain in four months.

The chart below tells the story.

And, not only is the index flying, it’s now approaching a key level that it’s struggled to over come in the past, says Chris Weston, chief market strategist at IG Markets in Melbourne.

5,833 points.

“(If) we get a break of this ceiling, the prospect of 6000 comes into play as this is the measure of the recent range projected on from 5833,” he says.

Here’s a chart of the technical setup for the ASX 200 from Weston.

The ASX 200 currently trades at 5819.9 points.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.