The ASX is a long way from 6,000 this morning trading down around the 5,440 region. Likewise the CBA is a far cry from the $100 a share that was touted earlier this year as a near certainty. It’s trading at $85.11.
Of course, the latest sell-off is due to fears about Greece. But, the reality is the ASX has been under pressure since its last failure at 6,000 back in late April.
That means all the gains for the year have evaporated with the ASX 200 is up just 0.4% on the year. It’s also down 7.78% for the quarter.
More worryingly though, from a trading perspective, is that the ASX 200 is breaking down and through the weekly uptrend that has supported every fall for the past 39 months.
This is a weekly chart and Greece may well surprise us yet. But it looks like further falls toward 4,700 are becoming possible from a technical persepctive.
Technicals are no guarantee. But good traders and investors watch their levels. That suggests more downward pressure and sellers on any recovery rallies.
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