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Momentum has started to come out of the ASX’s uptrend of late. The index has been reluctant to break below 5300, but 5400 has been a level of strong resistance as well. The ASX has been increasingly rangebound between 5300 and 5400. The 20-day moving average has continued to provide support to the index, but the breathing space between it and 5400 has continued to narrow.
The MACD momentum indicator turned negative on 19 May, and everyone seems to be waiting for a close below the 20-day moving average now to lead to a sharp pullback in the index.