{"id":25825,"date":"2021-05-15T06:40:07","date_gmt":"2021-05-15T06:40:07","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=25825"},"modified":"2021-05-15T06:43:29","modified_gmt":"2021-05-15T06:43:29","slug":"asx-technology-stocks-fall","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/15\/asx-technology-stocks-fall\/","title":{"rendered":"ASX Technology stocks fall"},"content":{"rendered":"<p>The ASX 200 continues to test its February 2020 high at 7200. Narrow consolidation below resistance is a bullish sign but we need to keep a weather eye on the US and China.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xjo.png?w=525&#038;ssl=1\" alt=\"ASX 200\" \/><\/p>\n<h3>Financial Markets<\/h3>\n<p>Bond ETFs, in a sideways consolidation, indicate that long-term interest rates are holding steady. Inflation remains muted and the RBA is following through on their stated intention to suppress long-term yields.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-aus-bondetfs.png?w=525&#038;ssl=1\" alt=\"Australian Bond ETFs\" \/><\/p>\n<p>A-REITs are testing resistance at 1500. Reversal below 1340 is unlikely but would warn of a double-top reversal.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xpj.png?w=525&#038;ssl=1\" alt=\"ASX 200 REITs\" \/><\/p>\n<p>Financials are testing resistance at 6500. A rising 13-week Trend Index &#8212; with troughs above zero &#8212; flags buying pressure, suggesting that a breakout is likely.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xfj.png?w=525&#038;ssl=1\" alt=\"ASX 200 Financials\" \/><\/p>\n<h3>Health Care, Discretionary &amp; Technology<\/h3>\n<p>Health Care is testing resistance at 42500. The rising Trend Index is bullish but failure to cross above zero would confirm long-term selling pressure. Breach of 40000 would complete a bull-trap (a bear signal for investors) and warn of another test of primary support at 37500.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xhj.png?w=525&#038;ssl=1\" alt=\"ASX 200 Health Care\" \/><\/p>\n<p>Technology broke support at 1900 to signal a primary down-trend, imitating <a href=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/13\/stocks-react-to-cpi-spike\/\">the pattern in US markets<\/a>. Breach offers a medium-term target of 1400<sup>1<\/sup>.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xij.png?w=525&#038;ssl=1\" alt=\"ASX 200 IT\" \/><\/p>\n<p>Consumer Discretionary is testing its rising trendline. We expect a test of support at 2900 as the impact of government stimulus fades.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xdj.png?w=525&#038;ssl=1\" alt=\"ASX 200 Discretionary\" \/><\/p>\n<h3>Mining<\/h3>\n<p>Iron ore retreated slightly, to $210\/metric ton. <a href=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/12\/iron-ore-bull-bear-outlooks\/\">Chinese steel mills are stockpiling<\/a> &#8212; due to rising tensions with Australia and anticipated production curbs in China (to reduce pollution levels). The boom is only expected to last as long as stockpiling continues. Then prices are likely to fall steeply as mills run down stockpiles. Reversal below support at $175-$180 would warn of a sharp decline.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-tr.png?w=525&#038;ssl=1\" alt=\"Iron Ore\" \/><\/p>\n<p>The ASX 300 Metals &amp; Mining found resistance at 6000. A tall shadow on this week&#8217;s candle warns of short-term selling pressure. Another test of support at 5000 is likely.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xmm.png?w=525&#038;ssl=1\" alt=\"ASX 300 Metals &amp; Mining\" \/><\/p>\n<p>The All Ordinaries Gold Index (XGD) continues to test its new support level at 7000. Follow-through below recent lows would warn of another test of 6000, while recovery above 7300 would signal a fresh advance. Breakout above the long-term descending trendline would strengthen the bull signal. Gold bullishness is fueled by <a href=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/15\/all-you-need-to-know-about-inflation-in-one-chart\/\">rising inflation fears<\/a>.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-xgd.png?w=525&#038;ssl=1\" alt=\"All Ordinaries Gold Index\" \/><\/p>\n<p>The Gold price, in Australian Dollars, is testing its descending trendline and resistance at 2400. Breakout above the two would deliver a strong bull signal.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-05-14-gold-aud.png?w=525&#038;ssl=1\" alt=\"Gold in AUD\" \/><\/p>\n<h2>Conclusion<\/h2>\n<p>Technology stocks have commenced a primary down-trend. Metals &amp; Mining look highly-priced and susceptible to a sharp reversal. They have looked that way for months but sooner or later we are bound to see a rapid re-pricing.<\/p>\n<p>Steady long-term interest rates and a buoyant housing market are lifting REITs and Financials respectively. Health Care and Consumer Discretionary look hesitant, while Gold stocks are making a tentative rally.<\/p>\n<h4>Notes<\/h4>\n<ol>\n<li>Target for XIJ is its 2400 peak extended below 1900.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The ASX 200 continues to test its February 2020 high at 7200. Narrow consolidation below resistance is a bullish sign but we need to keep a weather eye on the US and China. Financial Markets Bond ETFs, in a sideways consolidation, indicate that long-term interest rates are holding steady. Inflation remains muted and the RBA &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/15\/asx-technology-stocks-fall\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ASX Technology stocks fall&#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_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31,4813,57],"tags":[166,251,467,4750,4749,1661,4136,4031,3359],"class_list":["post-25825","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","category-iron-ore","category-stock-markets","tag-all-ordinaries-gold-index","tag-asx-200","tag-bond-etfs","tag-consumer-discretionary","tag-financial","tag-health-care","tag-metals-mining","tag-reits","tag-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ASX Technology stocks fall - 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 Technology stocks fall - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The ASX 200 continues to test its February 2020 high at 7200. Narrow consolidation below resistance is a bullish sign but we need to keep a weather eye on the US and China. Financial Markets Bond ETFs, in a sideways consolidation, indicate that long-term interest rates are holding steady. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. 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. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","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-6Ix","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":25948,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/22\/asx-advances-cautiously\/","url_meta":{"origin":25825,"position":0},"title":"ASX advances cautiously","author":"Colin Twiggs","date":"May 22, 2021","format":false,"excerpt":"The ASX 200 is retracing to test support at 7000. Narrow consolidation between 7000 and 7200 is a bullish sign. Upward breakout is likely and would signal a fresh advance. Reversal below 7000 is less likely but would warn of a test of 6500. Financial Markets Bond ETFs are testing\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":26278,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/12\/asx-financials-suffer-a-reits-advance-on-lower-rates\/","url_meta":{"origin":25825,"position":1},"title":"ASX: Financials suffer, A-REITs advance on lower rates","author":"Colin Twiggs","date":"June 12, 2021","format":false,"excerpt":"The ASX 200 advance is tentative, with a short doji candle signaling hesitancy, and we expect retracement to test support at 7000.\u00a0 The Trend Index trough above zero indicates longer-term buying pressure. Respect of support is likely and would signal a fresh advance. Financial Markets Bond ETFs broke through resistance,\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":"Bank Net Interest Margins","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-06-11-aus-nim.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":26197,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/06\/asx-breakout\/","url_meta":{"origin":25825,"position":2},"title":"ASX breakout","author":"Colin Twiggs","date":"June 6, 2021","format":false,"excerpt":"The ASX 200 broke through resistance at 7200, signaling a fresh primary advance. Target for the breakout is 80001. Bond ETFs continue their sideways ranging pattern, suggesting no upward pressure on long-term interest rates. Financials broke through resistance at 6500, signaling another advance with a target of 80002. ASX 300\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":31709,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/28\/asx-rallies-but-not-a-bull-market\/","url_meta":{"origin":25825,"position":3},"title":"ASX rallies but not a bull market","author":"Colin Twiggs","date":"March 28, 2022","format":false,"excerpt":"The ASX 200 is headed for another test of 7600 after breaking through the former primary support level at 7200. A rising Trend Index indicates buying pressure. Expect strong resistance at 7600 followed by further consolidation above 7000. Bond ETFs continue to fall, signaling rising long-term interest rates. Australian REITs\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\/2022-03-25-xjo.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-25-xjo.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-25-xjo.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-25-xjo.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":26046,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/29\/asx-bullish-banks-and-miners\/","url_meta":{"origin":25825,"position":4},"title":"ASX: Bullish banks and miners","author":"Colin Twiggs","date":"May 29, 2021","format":false,"excerpt":"The ASX 200 is testing resistance at 7200 after a bullish narrow consolidation. A Trend Index trough above zero indicates buying pressure. Upward breakout is likely and would signal a fresh advance. Financial Markets Bond ETFs continue to test resistance, suggesting that long-term interest rates are weakening. Inflation is muted\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":25320,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/04\/16\/asx-buoyant-on-softer-interest-rates\/","url_meta":{"origin":25825,"position":5},"title":"ASX buoyant on softer interest rates","author":"Colin Twiggs","date":"April 16, 2021","format":false,"excerpt":"The ASX 200 is headed for a test of its February 2020 high at 7200. The rising Trend Index indicates buying pressure and, with the RBA flooding financial markets with liquidity, resistance at 7200 is likely to be relatively weak. Financial Markets Bond ETFs are consolidating after an easing of\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\/25825","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=25825"}],"version-history":[{"count":2,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/25825\/revisions"}],"predecessor-version":[{"id":25827,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/25825\/revisions\/25827"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=25825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=25825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=25825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}