![Close-up of market chart](/en-uk/-/media/research/global/news-analysis/featured-image/2021/03/charts1.jpg)
Monday US cash market close:
- The Dow Jones Industrial fell -653.67 points (-1.99%) to close at 32,245.70
- The S&P 500 index rose -132.1 points (2.51%) to close at 34,058.75
- The Nasdaq 100 index fell -505.814 points (-3.98%) to close at 12,187.72
Asian futures:
- Australia's ASX 200 futures are down -62 points (-0.87%), the cash market is currently estimated to open at 7,058.70
- Japan's Nikkei 225 futures are down -380 points (-1.44%), the cash market is currently estimated to open at 25,939.34
- Hong Kong's Hang Seng futures are down -181 points (-0.91%), the cash market is currently estimated to open at 19,820.96
- China's A50 Index futures are down -71 points (-0.55%), the cash market is currently estimated to open at 12,871.53
![20220510moversCI](/en-uk/-/media/research/global/ms/2022/05/20220509futuresci/20220510moversci.png?h=467&w=641&hash=2973623016979D8CFA3B045A1E4B861D)
Of course, the money has to go somewhere and that is where the dollar comes in, which is being propped up by a combination of safe-haven flows and a hawkish Fed. But elsewhere, indices, bonds and commodities and broadly lower and that has taken its toll on AUD and NZD pairs.
AUD/USD is back below 70c and at its lowest level in 22-months. China’s lockdown’s plunging iron ore and yield differentials are the key driver’s behind the Aussie’s demise, and 69c is within easy reach for bears today. AUD/JPY – the classic barometer of risk – is also on the back ropes today and on the cusp of breaking April’s low. NZD/JPY hit our 82.50 target outlined in yesterday’s European Open report.
Oil was also sharply lower on demand concerns with WTI suffering its worst day in 26, with above-average volume. $100 is within easy reach for bears today. And gold was unable to benefit from any risk-off flows with spot prices close to testing the April low and breaking beneath $1850.
The S&P 500 closed below 4,000 for the first time in 14 months, all sectors were in the red (led by energy) and 85% of its stocks declined. The Nasdaq 100 closed below key support and to its lowest level since November 2020.
ASX 200:
![20220510asx200ci](/en-uk/-/media/research/global/ms/2022/05/20220509futuresci/20220510asx200ci.png?h=325&w=641&hash=F586E1916588ACA071FB6A64A1D5F53E)
We doubt the lead from Wall Street bodes well for the ASX 200 today. Since Friday we’ve seen 91.5% and then 80.5% of its stocks tank, and suspect we’ll see a similar figure by today’s close. 7,000 is the next obvious target for bulls to defend, with 7040 making a likely interim support level. The 14-day ATR is 89 points, which places a downside target of 7131.7 from yesterday’s close, so despite the negative sentiment for stocks at present we’d be surprised if we see a substantial break or close beneath 7k today.
![20220510moversASXci](/en-uk/-/media/research/global/ms/2022/05/20220509futuresci/20220510moversasxci.png)
ASX 200: 7120.7 (-1.18%), 09 May 2022
- Energy (0.53%) was the strongest sector and Real Estate (-4.13%) was the weakest
- 3 out of the 11 sectors closed higher
- 8 out of the 11 sectors closed lower
- 6 out of the 11 sectors outperformed the index
- 28 (14.00%) stocks advanced, 161 (80.50%) stocks declined
Outperformers:
- +3.23% - Westpac Banking Corp (WBC.AX)
- +2.63% - Whitehaven Coal Ltd (WHC.AX)
- +2.33% - TPG Telecom Ltd (TPG.AX)
Underperformers:
- -12.31% - Novonix Ltd (NVX.AX)
- -11.52% - Lake Resources NL (LKE.AX)
- -9.76% - Chalice Mining Ltd (CHN.AX)
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