The ASX 200 continues to flirt with primary support at 5650. Money Flow is still comfortably above zero, indicating strong support. But breach of 5650 would signal a primary down-trend, offering a target of 5000.
The two largest sectors are already in a primary down-trend.
ASX 300 Metals & Mining Index broke support at 3500, signaling a decline with a target of 3100. Follow-through below 3400 would confirm.
The ASX 300 Banks Index, in a down-trend since 2015, is currently testing long-term support at 7000. Trend Index peaks below zero warn of selling pressure. Breach would offer a target of 5000.
I have been cautious on Australian stocks, especially banks, for a while, and hold 40% cash in the Australian Growth portfolio.