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With the ASX200 heading lower and bulls panicking..its a good time to take a look at each sector on the ASX!!
The ASX spent another session moving lower and I expect that the Bears are far from finished. After the RBAs surprise rate rise, the ASX200 is on the ropes and moving down into major support.
Taking a look at the major sectors (technical charts shown below), the outlook does not look too encouraging. With more rate rises set to come and a housing market that is slowing, growth may be hard to come by for long term portfolios.
Many of the sectors are heading lower from highs, suggesting more to come, and many are already extended. With ETFs being a major retail tool for investing, we could see selling start across the board if traders get nervous and take more risk off the table.
Below, I have marked the general levels of interest for sectors and a broad trend comment…all on the daily timeframe.
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Hope you enjoy
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