On an 8 day uptrend, Today's session put the brakes on the ongoing uptrend — ASX slid down from 7,146.3 to 7,141.6, taking a 4.7 points loss (0.07%)
This uncertain state for ASX is reflected by published market data as Australia CFTC AUD speculative net positions released yesterday at 19:30 UTC with a figure of -46,700, while the previous figure was -50,500.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. ASX's upper Bollinger Band® is at 7,172.72, suggesting that a downward move may follow. In contrast, ASX is approaching key support, around 12.03 points away from 7,129.57. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, ASX is positioned for a downward move in the short term.
While ASX was pretty flat today, mixed performances were seen elsewhere as Hang Seng is trading around 18,343 after ending today's session at 17,620 (up 4.11% today). S&P 500 is down to 3,957.25, losing 35.75 points, after ending the previous session around 3,993.
Data to be released today might clear up some of the market fog as Australia Wage Price Index (QoQ) (Q3) scheduled to come out tomorrow at 00:30 UTC.
The index has been trending positively for about a month. ASX hit a significant low of 6,434.7 around 4 months ago, but has since recovered 11.06%.