Yesterday, the fall in the market was overdone by EOFY sell. ASX 200 felt 19 point at matching time (after 4pm) from 5414 to close at 5395. I thing this was overdone and today will get back this points at the open. Also 5416 would be 0.25 Fibonacci retrenchment. If market is stronger and with a good China manufacturing PMI (at 11 and 11:45 am) could go to next Fib level of 0.382 which is 5427. This level became strong resistance now as could be seen from chart formation (see 15 min chart below).

If I’m wrong and the market just gets a bounce then falls below 5395 the support would be 5382 then 5373.

ASX200_15