Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
S&P ASX200 has revered its uptrend and looks set to drop further. A test of the rising trendline seems likely.
IF breaking the trendline there is support around the 0.618 retracement at 7,167.
If ASX200 closes above 7,477 uptrend is to resume.
Hang Seng Index seems heavy and seem is likely to test support at around 20,185. A spike down to 19,605 – 19,303 could be seen. However, RSI is still showing positive sentiment and if Hang Seng closes above 21,638 uptrend resumes with likely new highs to follow.