Making a judgement on a monthly chart, before the month is over,...

Making a judgement on a monthly chart, before the month is over, is like going to the bookies to collect when your horse enters the straight in the lead. The race isn't done until the finish line. Wait and see where the ASX finishes at the end of the month if you are looking at a monthly chart. But that might produce a signal which lags too much Weekly charts are better for investors (as opposed to short-term or swing traders).

August is not yet half-way through.

There are always plenty of reasons why a stock/index might fall.

Falling at resistance is one of them, as the ASX seems to have done. So - yes - there might be something in it.

Here's a weekly chart for XJO which I posted yesterday:



Indicators are all on sell signals. The five-week ema has turned down for the first time since the end of December, 2018.