The S&P/ASX 200 is down over 80 points or 1.5% at midday, reversing all of last week’s gains. Fear is gripping the Asian markets as well, with the Nikkei down 1.3%, the Hang Seng down 1.55% and Singapore over 1%. The AUD is down below 1.06 at 1.0585 against the USD, whilst gold is above $1509 USD an ounce and WTI oil at $99 USD per barrel.
Daily charts show a lot of weakness overall and imply a probable sideways move around the 4600 and 4800 levels. If prices close below 4650 points, the next target level is 4500 points, for a 10% overall correction in prices since the April high.