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The official "ASX is tanking!" panic thread

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Not surprising to see tech as the worst performer on the ASX200 this morning, echoing the sector’s similar underperformance on Wall Street overnight following Snap’s profit warning.

However, it is interesting to see how XJO quickly retreated back below 7200 despite the spike at the open which seems to have come from the BHP/Woodside demerger.

All trading carries risk, but is the index potentially signaling an inability to hold above this key level over the near-term?
 
Mohammed Hazabig'un said:
Has the XJO peaked for the day having already anticipated the upcoming Retail numbers, or in a holding pattern until 11.30am?
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Heading into the last hour of trade now, and it looks like the index put in its high during the opening few minutes.

XJO seems unable to overcome the selling pressure around 7200, although it isn't all that surprising to see such a strong resistance form at this key psychological level.

All trading carries risk, but it will be interesting if it can put together a rally and breakout within the coming days, as this would likely open the door to a strong move higher.
 
June is going to be a very bad month for global financial markets, but hopefully things will improve in the new financial year. Those in cash are going to make out like bandits. Aussie market going to get hammered today.
 
The ASX200 is on track for its worst week since the pandemic, but does already look like it's trying to bounce after testing range support around 6950 in opening trade today.

We could see dip-buyers once again step in at this level, but with the prospect of a more aggressive RBA tightening cycle adding to the selling pressure, the market is still at risk of breaking down further in the near-term and potentially retesting the January lows near 6750.

All trading carries risk, but it will be interesting to see how the ASX moves over the coming weeks. Not to mention the reaction to tonight's US CPI print, which could have a significant impact on global sentiment.
 
Smaller end of the market is being sold in big licks; definitely anything without a viable pathway / observable earnings is ''asymmetric to the downside".
 
waterbottle said:
LOL WHaat

5% down day is literally a panic day. How many times have there been 5% down days?
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The big picture tells me that with XJO at 6598.8 (as it is as I write), it is still only 13.55% below its August 2021 high. That's not enough of a drop for me to get really enthusiastic.
KH
 
Coles and WOW are holding well at this stage, down less than 2% amongst the panic
 
Morning gg, you mean down? Yes, not impossible, the more aggressive are trading them or the conservatives thinking they can only buy food at supermarkets? I'm wondering if people are thinking about food again. Even EDV has gone a tad green and it's in drinks and hospitality.
 
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