ASX retreats

The ASX 300 Metals & Mining index is undergoing a correction which is likely to test medium-term support at 3500.

ASX 300 Metals & Mining

Banks continue to weaken, with the ASX 300 Banks index testing medium-term support at 8300. Breach is likely and would signal a test of primary support at 8100. Trend Index peaks below zero continue to warn of selling pressure.

ASX 300 Banks

With both miners and banks in retreat, the ASX 200 is correcting for a second test of medium-term support at 5900. Respect would confirm the primary up-trend. But bearish divergence on the Trend Index warns of selling pressure and a test of 5800 is likely.

ASX 200

Target for the ASX 200 is the 2007 high of 6800 but a lot will depend on the relative strength of banks and miners.

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