A quick look at today: ASX slides down from 7,151.3 to 7,131, losing 20.3 points (0.28%) today.
Amid the market gloom, Australia Building Approvals (MoM) (Nov) released yesterday at 00:30 UTC with a figure of -9, while the previous figure was -5.6.
ASX 200 made an initial break below its 21 day Simple Moving Average at 7,131, a possible indication of a forthcoming negative trend. On the other hand, note that ASX could begin to recover as it approaches significant support, now 55.53 points away from 7,075.47. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts ASX to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ASX is expected to attract significant bearish sentiment in the coming days.
Other assets are showing positive performances as DAX moves up 1.25% today and closed at 14,600. EuroSTOXX is trading around 4,068.62 after ending today's session at 4,017.83 (up 1.26% today). Notably, Nikkei rose 0.78% today and closed at 25,974.
Some optimism can drawn from the fact that Australia Retail Sales is projected to outperform its last figure with 0.6%. It previously stood at -0.2%; data will be released tomorrow at 00:30 UTC.
Furthermore, Australia Consumer Price Index figure is projected at 7%. It previously stood at 6.9%; data will be released tomorrow at 00:30 UTC.
The index has been trending lower for about a month. This year has been a bright one for ASX after trading as low as 6,434.7 and going on to appreciate by 2.34% year to date.