by Chris Becker
Its an ugly start today on the local share market, with the ASX200 down nearly 1.5% on the open, with financials leading the way after NAB’s shock $5.5billion rights issue.
The technical position here is dire if we close today or this week in the red, with 5500 points the next target:
Advertisement
With the April construction PMI reverting back to its downtrend after a momentary blip, the employment report at lunchtime will be critical for the future direction of the ASX200. A strong report with an RBA unwilling to cut further will imply no further monetary support to keep stocks afloat as I’ve showed earlier here.