Tomorrow's broker data for Monday will be the most interesting...

Tomorrow's broker data for Monday will be the most interesting to me from a TA perspective. I'll try and get it out before open.

1. Yellow - Monday broker data - SP punched lower through the 9c barrier a couple of times during the day. Buying volume turned up several times for an 8.9 finish. Volume was higher than the previous day indicating an attempt to halt the SP slide. Whether this was Euroz catching their own knife, broker vs broker, or retail continuing to average down remains to be seen.



2. Orange - Inside day with buyers failing to push the SP above the previous days high. SP closes at the previous days close indicating weakness in catching the knife.

3. Red - PoG has a big overnight move yet SP fails to run (not surpising given red ASX day prior and US red day - many of the big goldies gapped up on open and then slunk lower) . Indicates selling into postive news/events. Yellow/Orange buyers at the lows are bailing at breakeven on Red day. Indicates SP will continue to slide.

Note volume is still elevated - once volume settles in the 500k-750k range most of the pros should be finished their shenanigans and the trading action will revert to retail vs retail whilst waiting for news.

Market factors to consider:

EOFY looming = selling pressure, NXM new drilling plan - 30/70 whether news before EOFY = selling pressure, Potential US interest rate rise = selling pressure, US banking crisis = buying pressure.

Focus on valuing MC vs SP. What is cheap vs fair value vs overpriced given market conditions?

GLTAH