ASX fell again today. XJO -0.77%
XJO Chart:
XJO down today -0.77%.
Today, XJO made a marginal break below the 6900 support level. That may not be enough to suggest that further downside is likely.
RSI is at 27.7, which is extremely oversold. That suggests that the next major movement will be to the upside.
XJO saw something of a reversal to the upside in the last hour of trading today. It may not mean a lot but last hour action usually means institutional activity.
Ten out of eleven Sectors were negative today. The only positive was Utilities +0.34%.
The worst sector today was Financials, -1.53%. That's the biggest sector by far in the ASX. The big fall today was part of the world-wide fall in markets due to surging bond yields - a negative for markets. The surge in bond yields are indicating to traders that America is headed for recession. Maybe - maybe not.
Europe in early trade is flat, +0.12%. Dow Futures -0.06%.
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