{"id":19023,"date":"2019-10-05T05:53:10","date_gmt":"2019-10-05T05:53:10","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=19023"},"modified":"2019-10-05T06:00:17","modified_gmt":"2019-10-05T06:00:17","slug":"asx-200-hits-a-brick-wall","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/05\/asx-200-hits-a-brick-wall\/","title":{"rendered":"ASX 200 hits a brick wall"},"content":{"rendered":"<p>The ASX 200 retreated sharply from stubborn resistance at the 2007 high of 6800, like hitting a brick wall. Breach of support at 6400, after a lower high, is now more likely and would offer a target of 5400.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-10-03-xjo.png?w=525&#038;ssl=1\" alt=\"ASX 200\" \/><\/p>\n<p>Iron ore continues to test short-term support at $90. Breach is likely and would signal another decline, with a medium-term target of $80 per ton.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-10-03-tr.png?w=525&#038;ssl=1\" alt=\"Iron Ore\" \/><\/p>\n<p>The ASX 300 Metals &amp; Mining index is headed for a test of long-term support at 4100. Breach would complete a <a href=\"https:\/\/www.incrediblecharts.com\/technical\/head_and_shoulders.php\">head and shoulders<\/a> reversal, with a target of 3400.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-10-03-xmm.png?w=525&#038;ssl=1\" alt=\"ASX 300 Metals &amp; Mining\" \/><\/p>\n<p>The Financial sector retreated sharply from resistance at 6500. Expect a test of primary support at 6000. Breach would signal a primary decline, with a target of 5200.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-10-03-xfj.png?w=525&#038;ssl=1\" alt=\"ASX 200 Financials\" \/><\/p>\n<p>We maintain exposure to Australian equities at 25% of portfolio value, with a focus on defensive and contra-cyclical stocks, because of our <a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/19\/leading-index-of-employment\/\">bearish long-term outlook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ASX 200 retreated sharply from stubborn resistance at the 2007 high of 6800, like hitting a brick wall. Breach of support at 6400, after a lower high, is now more likely and would offer a target of 5400. Iron ore continues to test short-term support at $90. Breach is likely and would signal another &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/05\/asx-200-hits-a-brick-wall\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ASX 200 hits a brick wall&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43,57],"tags":[251,262,1397,1902],"class_list":["post-19023","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","category-stock-markets","tag-asx-200","tag-asx-300-metals-mining","tag-financials","tag-iron-ore"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ASX 200 hits a brick wall - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX 200 hits a brick wall - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The ASX 200 retreated sharply from stubborn resistance at the 2007 high of 6800, like hitting a brick wall. Breach of support at 6400, after a lower high, is now more likely and would offer a target of 5400. Iron ore continues to test short-term support at $90. 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He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4WP","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":15344,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/26\/asx-retreats-as-iron-ore-breaks-support\/","url_meta":{"origin":19023,"position":0},"title":"ASX retreats as iron ore breaks support","author":"ColinTwiggs","date":"May 26, 2017","format":false,"excerpt":"Iron ore broke support at $60, signaling another decline. The medium-term target is $50*. * Target: 60 - ( 70 - 60 ) = 50 Resources stocks lost momentum, with the ASX 300 Metals & Mining index respecting resistance at 3000. Twiggs Money Flow seemed to be recovering after a\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15263,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/12\/asx-200-bearish-consolidation\/","url_meta":{"origin":19023,"position":1},"title":"ASX 200 bearish consolidation","author":"ColinTwiggs","date":"May 12, 2017","format":false,"excerpt":"The big banks fell sharply on news of a new levy on bank liabilities in the latest budget. At this stage the ASX 300 Banks Index merely shows a secondary reaction. Breach of 8500, however, would signal a primary trend reversal, offering a medium-term target of 8000*. * Target: 8500\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18998,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/28\/asx-200-stubborn-resistance\/","url_meta":{"origin":19023,"position":2},"title":"ASX 200: Stubborn resistance","author":"Colin Twiggs","date":"September 28, 2019","format":false,"excerpt":"Iron ore is headed for another test of short-term support at $90. Breach would signal another decline, with a medium-term target of $80 per ton. The ASX 300 Metals & Mining index retreated this week and is expected to test long-term support at 4100. Breach would complete a head and\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31454,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/12\/asx-bearish-apart-from-energy-and-metals-mining\/","url_meta":{"origin":19023,"position":3},"title":"ASX bearish apart from Energy and Metals &#038; Mining","author":"Colin Twiggs","date":"March 12, 2022","format":false,"excerpt":"The ASX 200 is consolidating in a narrow band below the former primary support level at 7200. Descending Trend Index peaks warn of selling pressure. Breach of short-term support at 7000 is likely and would offer an immediate target of 6800. Bond ETFs continue to fall, signaling rising long-term interest\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"ASX 200","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-11-xjo2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-11-xjo2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-11-xjo2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-11-xjo2.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":26528,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/26\/asx-short-term-bearish-long-term-bullish\/","url_meta":{"origin":19023,"position":4},"title":"ASX short-term bearish, long-term bullish","author":"Colin Twiggs","date":"June 26, 2021","format":false,"excerpt":"The ASX 200 is retracing to test support at 7000 but Trend Index troughs above zero indicate longer-term buying pressure. Respect of support is likely and would confirm a fresh advance. Financial Markets Rising bond ETFs (BOND, IAF & VAF) signal weakening long-term interest rates. Low rates buoyed A-REITs and\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22359,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/10\/31\/asx-rising-selling-pressure\/","url_meta":{"origin":19023,"position":5},"title":"ASX: Rising selling pressure","author":"Colin Twiggs","date":"October 31, 2020","format":false,"excerpt":"The ASX 200 retreated from resistance at 6200, headed for another test of support at 5800, while a Money Flow peak below zero warns of strong selling pressure. Breach of 5800 is likely and would warn of a primary decline, testing support at 4500. The ASX 300 Banks index encountered\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=19023"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19023\/revisions"}],"predecessor-version":[{"id":19024,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19023\/revisions\/19024"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=19023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=19023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=19023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}