MARKET TALK: S&P/ASX 200 Down 0.7%, Tracking Offshore Markets

17th Jun 2010 06:09

0509 GMT [Dow Jones] S&P/ASX 200 down 0.7% at 4527.3, hits intraday low of 4525.9, in line with offshore markets, with Nikkei 225 down 0.6%, S&P 500 futures down 0.4%, AUD/USD down 0.4%. Shanghai Composite is flat after Chinese holidays, despite the upside break of Wall Street this week. Local trading volumes light (ex-futures expiries). Today's price action in the major banks must be disappointing for traders who bought the break of resistance levels from mid-late May. Those levels have failed to turn into support and major banks are down 0.9%-1.6% despite flat close in U.S. peers. Resources also look a bit disappointing because BHP (BHP.AU) has been repelled from consolidation resistance at A$39.48 and Rio Tinto (RIO.AU) is struggling to hold above the 200-day moving average near A$70.33. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 17, 2010 01:09 ET (05:09 GMT)