The ASX 200 respected the new resistance level at 5650, confirming a primary down-trend. Target for the decline is 5000.
The ASX 300 Banks Index broke long-term support at 7000, warning of another decline. Trend Index peaks below zero indicate selling pressure. Expect retracement to test the new resistance level but respect is likely and would confirm a long-term target of 5000.
I have been cautious on Australian stocks, especially banks, for a while, and hold 40% cash in the Australian Growth portfolio.