ASX SPI 200 Index Futures
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Momentum Turns Against the ASX

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The rally of the past two week on the ASX took a turn for the worse on Wednesday, on the warning (and official announcement) of Trump's 25% tariff on non-US cars.

This has seen the ASX get caught in the negative sentiment on Wall Street.

The daily chart shows that momentum has turned lower around a resistance cluster, including the December low, 38.2% Fibonacci ration and 20-day EMA. The daily RSI (2) reached a highly overbought level on Wednesday and now sits below 50, and the RSIK (14) has remained beneath 50 to show negative momentum overall.

A bearish divergence also formed on the 4-hour RSI ahead of the selloff.

The bias is for a move down to at least the 7930 area, a break beneath which brings the lows around 7850 into focus.


Matt Simpson, Market Analyst at City Index and Forex.com
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