Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
S&P/ASX 200 has been rejected at resistance at 7,015, testing support at 6,828. A close below is likely to signal that the bear trend is resuming with support at 6,633. A close below 6,776 will confirm bearish trend
If ASX 200 closes above 7,015 a move to 7,137 is likely possibly to 7,286.
RSI has broken above 60 i.e., positive sentiment indicating higher levels. However, RSI has closed below its rising trendline which could indicated the uptrend is weaking and could reverse.