The ASX200 index has the potential to generate a technical top formation / technical sell signal. A close below 5270 is required to generate a technical sell signal, which if this occurs, would target a minimum pullback to 5050 (major subsequent support). The potential for a negative trend change in the Australian market ties in with the US market negative technical outlook, given the 3 key US indices are rated as technical sells. Secondary technical sell signals were generated in mid-October by the Dow Jones and S&P500 indices (VIEW LINK) which was followed by a sell signal by the Nasdaq last Friday. This in turn was preceded by the technical turning point in US 10 year bond yields in August(VIEW LINK)
Angela has 30 years experience in the technical analysis field. Angela joined QMG as a technical analyst in May 2014. Angela was the technical analyst at Bell Potter for 16 years, providing technical analysis coverage to the retail and wholesale...
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Looks on track for today.