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%)
Uncertainty around 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. Despite this, ASX is oscillating around the 7,129.57 level serving as support.
Although price action remains in a stalemate, technical analysis suggests ASX could be primed for a break to the downside.
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). After ending today's session at 3,993, S&P 500 lost 35.75 points and is trading around 3,957.25.
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. After hitting an important low of 6,434.7 approximately 4 months ago, ASX has bounced back 11.06% since.