ASX SPI 200 is Down for the 2nd Day in a Row

News Releases Impacting ASX SPI 200

  • Forecasted Building Permits MoM Final in Australia: -4.3-.. The actual number: -4.3-.. (0% difference between the two.)

The Hourly View for ASX SPI 200

  • At the moment, AS51’s price is up 2 (0.03%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on ASX SPI 200. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 50 hour changed directions on AS51; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

ASX SPI 200’s hourly price chart is shown below.

AS51

The Daily View for ASX SPI 200

  • At the time of this writing, AS51’s price is down -18 (-0.24%) from the day prior.
  • The daily chart shows that ASX SPI 200 has seen 2 straight down days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between AS51’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in AS51’s price.

Below is a daily price chart of ASX SPI 200.

AS51