The ASX 300 Banks index broke primary support at 8100, signaling a fresh decline. Follow-through below 8000 would strengthen the signal. Another Trend Index trough at zero warns of long-term selling pressure. The next major support level is the 2016 low at 7200 but expect retracement to first test new resistance at 8100.
Miners rallied, softening the blow.
But decline in its biggest sector would weigh heavily on the ASX 200. Retracement is likely to test 6000 but respect would warn of a test of primary support at 5650. Bearish divergence on Twiggs Trend Index warns of long-term selling pressure.