Technicals - ASX200 index - renewed sell off phase underway / no sign of turnaround

Angela Mangan

QMG Pty Ltd

My recent wire from earlier in the week highlighted the risk and expectation for a renewed sell off by the ASX200 index, which is now underway. The ASX200 index technicals have been negative since the technical sell signal was generated as a result of the 14/6/16 close below the 5300 support level (with the 5075 target subsequently reached). There is no sign of the re- emergence of large cap stock (new) buy signals, which will be the first early indicator of a turnaround in broad market momentum, and will lead any change in the index technicals. As the situation currently stands, there is no potential in the near-term for a sustained market turnaround.

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Angela Mangan
Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.


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