The ASX is feeling the effect of slowing manufacturing in China, with falling iron ore prices causing weakness in RIO, FMG and BHP. Rio Tinto is testing support at $50, while steeply falling 13-week Twiggs Money Flow warns of strong selling pressure.
Impact on the ASX 200 index is more diluted but 13-week Twiggs Money Flow below zero again warns of selling pressure. Breakout above 4400 is unlikely in the present climate.
