ASX 200 slumps in face of growing wall of worries, no sector spared, but one copper stock stood out

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Today in Review Major market moves Markets ASX 200 Session Chart The S&P/ASX 200 (XJO) finished 140 points lower at 7,612.5, 1.84% from its session high and just 0.35% from its low....

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASX 200 slumps in face of growing wall of worries, no sector spared, but one copper stock stood out</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASX 200 slumps in face of growing wall of worries, no sector spared, but one copper stock stood out\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-16 16:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.livewiremarkets.com/wires/asx-200-slumps-in-face-of-growing-wall-of-worries-no-sector-spared-but-one-copper-stock-stood-out><strong>LiveWire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Today in Review\n\n\n\n\n\n\n\n\n\nMajor market moves\n\nMarkets\n\n\n\n\n\n\n\n\n\nASX 200 Session Chart\nThe S&P/ASX 200 (XJO) finished 140 points lower at 7,612.5, 1.84% from its session high and just 0.35% from its low....</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/asx-200-slumps-in-face-of-growing-wall-of-worries-no-sector-spared-but-one-copper-stock-stood-out\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MGR.AU","symbol_name":"MIRVAC GROUP","start_time":0,"source_url":"https://www.livewiremarkets.com/wires/asx-200-slumps-in-face-of-growing-wall-of-worries-no-sector-spared-but-one-copper-stock-stood-out","article_id":"2427812802","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/asx-200-slumps-in-face-of-growing-wall-of-worries-no-sector-spared-but-one-copper-stock-stood-out","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2427812802","pubTimestamp":1713254815,"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"The S&P/ASX 200  finished 140 points lower at 7,612.5, 1.84% from its session high and just 0.35% from its low. In the broader-based S&P/ASX 300 , advancers lagged decliners by as dismal 16 to 277 – easily the worst I’ve seen since I started writing this Evening Wrap!All 11 of the major ASX sectors were down today and all 11 sectors lost at least 1% of their value. If there’s any point discussing the least worst, that prize goes to the Communication Services   sector, which is basically just Telstra .Among the hardest hit sectors, were a group that is increasingly garnering the ignominy of being labelled the usual suspects since the market started chucking its rate cut tantrum – Consumer Discretionary   and Real Estate Investment Trusts  .Flip-flopping in and out of the best and worst sectors lists over the last week or so are Resources  and Utilities  which were also at the bottom of the performance pile today, down 2.0% and 2.2% respectively.No tables today. What would I show you?Spe","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"MGR.AU":"MIRVAC GROUP","DMP.AU":"Domino's Pizza Enterprises Ltd","HMC.AU":"HMC Capital Ltd","XJO.AU":"标普/澳交所 200指数","SYA.AU":"SAYONA MINING LTD","IMU.AU":"IMUGENE LTD","BEN.AU":"BENDIGO AND ADELAIDE BANK","BEN":"富兰克林资源","XKO.AU":"标普/澳交所 300指数","DYL.AU":"DEEP YELLOW LTD","BSL":"BLACKSTONE SENIOR FLOATING RATE 2027 TERM FUND","BWP.AU":"BWP TRUST","SPR.AU":"SPARTAN RESOURCES LIMITED","COF.AU":"CENTURIA OFFICE REIT","IDX":"印度尼西亚ETF-Market Vectors","TLG.AU":"TALGA GROUP LTD","BMN.AU":"BANNERMAN ENERGY LTD","CTT.AU":"Cettire","CIP.AU":"Centuria Industrial REIT","CLW":"克利尔沃特纸业","RSI":"Rush Street Interactive, Inc.","TLS.AU":"TELSTRA GROUP LTD","SGR.AU":"STAR ENTERTAINMENT GRP LTD/T","BMN":"BlackRock 2037 Municipal Target Term","IDX.AU":"INTEGRAL DIAGNOSTICS LTD","HDN.AU":"HOMECO DAILY NEEDS REIT","SPZ.AU":"SMART PARKING LTD","VCX.AU":"VICINITY CENTRES","XRO.AU":"XERO LTD","CNI.AU":"CENTURIA CAPITAL GROUP","MGR":"Affiliated Managers Group Inc Pf","AZY.AU":"ANTIPA MINERALS LTD","ZIP.AU":"Zip Co Ltd","SFR.AU":"SANDFIRE RESOURCES LTD","HCW.AU":"HealthCo Healthcare and Wellness REIT","BSL.AU":"BLUESCOPE STEEL LTD","DTL.AU":"DATA#3 LIMITED","CLW.AU":"CHARTER HALL LONG WALE REIT","NSR":"Nomad Royalty Ltd.","WBC.AU":"WESTPAC BANKING CORPORATION","DXS.AU":"Dexus","NAB.AU":"NATIONAL AUSTRALIA BANK LTD","CBA.AU":"COMMONWEALTH BANK OF AUSTRAL","PLL.AU":"PIEDMONT LITHIUM INC-CDI","JDO.AU":"Judo Capital Holdings Ltd","MQG.AU":"Macquarie","CQR.AU":"CHARTER HALL RETAIL REIT","YAL.AU":"YANCOAL AUSTRALIA LTD","BOQ.AU":"BANK OF QUEENSLAND LTD","RGN.AU":"REGION RE LTD"},"translate_title":"面对越来越多的担忧，ASX 200指数暴跌，没有一个行业幸免，但一只铜股脱颖而出","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SPR.AU":1,"IMU.AU":1,"JDO.AU":1,"MGR":1,"MGR.AU":1,"MQG.AU":1,"NAB.AU":1,"NSR":1,"PLL.AU":1,"RGN.AU":1,"RSI":1,"SFR.AU":1,"SGR.AU":1,"IDX.AU":1,"SPZ.AU":1,"SYA.AU":1,"TLG.AU":1,"TLS.AU":1,"VCX.AU":1,"WBC.AU":1,"XJO.AU":1,"XKO.AU":1,"XRO.AU":1,"YAL.AU":1,"ZIP.AU":1,"CNI.AU":1,"BEN":1,"BEN.AU":1,"BMN":1,"BMN.AU":1,"BOQ.AU":1,"BSL":1,"BSL.AU":1,"BWP.AU":1,"CBA.AU":1,"CIP.AU":1,"CLW":1,"CLW.AU":1,"AZY.AU":1,"COF.AU":1,"CQR.AU":1,"CTT.AU":1,"DMP.AU":1,"DTL.AU":1,"DXS.AU":1,"DYL.AU":1,"HCW.AU":1,"HDN.AU":1,"HMC.AU":1,"IDX":1},"content_text":"Today in Review\n\n\n\n\n\n\n\n\n\nMajor market moves\n\nMarkets\n\n\n\n\n\n\n\n\n\nASX 200 Session Chart\nThe S&P/ASX 200 (XJO) finished 140 points lower at 7,612.5, 1.84% from its session high and just 0.35% from its low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by as dismal 16 to 277 – easily the worst I’ve seen since I started writing this Evening Wrap!\nAll 11 of the major ASX sectors were down today and all 11 sectors lost at least 1% of their value. If there’s any point discussing the least worst, that prize goes to the Communication Services (XTJ) (-1.0%) sector, which is basically just Telstra (ASX: TLS).\nAmong the hardest hit sectors, were a group that is increasingly garnering the ignominy of being labelled the usual suspects since the market started chucking its rate cut tantrum – Consumer Discretionary (XDJ) (-2.40%) and Real Estate Investment Trusts (XPJ) (-2.0%).\nFlip-flopping in and out of the best and worst sectors lists over the last week or so are Resources (XJR) and Utilities (XUJ) which were also at the bottom of the performance pile today, down 2.0% and 2.2% respectively.\nNo tables today. What would I show you? Varying degrees of stocks which got belted? Wait a second, which were the 16 rising stocks in the ASX 200? That’s got to be an interesting table! What's that, BWP is at number 2? We're in big trouble! 😁\n\n\n\n\n\n\n\n\n\nThe 16 rising stocks in the ASX 300 today\n\nChartWatch\nNASDAQ Composite Index\n\n\n\n\n\n\n\n\n\nCracked...NASDAQ short term uptrend is history\nThe NASDAQ Composite has been the stalwart of US stock indices since the 2022 lows. Over that time, it has reliably defined the parameters of the current bull market in US stocks.\nSo, the current break down in the short term uptrend, price action, and candles is disturbing. Still, I note the long term trend hasn’t flinched at all after the last couple weeks’ gyrations, and the balance of probability remains with this new short term downtrend running its course at some stage and realigning with the prevailing long term uptrend.\nHow bad are the short term technicals? Let’s bullet a few issues:\n\nPrice action is lower peaks and lower troughs indicating demand removal and supply reinforcement, also a shift to a sell the rally mentality among market participants.\nClose below the short term uptrend ribbon, this ribbon has been incredibly accurate (if I say so myself) in defining where short term pullbacks are dynamically supported, it now is likely to act as dynamic resistance\nCandles are predominantly black, Monday’s candle in particular is a convincing display of control by the supply-side\n\n15862 is the next point of demand. If it goes, watch out for demand-side candles at 15451.\nReally, anything above 16046 is going to be a wall of supply.\nWhite candles and or downward pointing shadows will stop the short term bloodshed, whereas black candles will perpetuate it.\nSandfire Resources (ASX: SFR)\n\n\n\n\n\n\n\n\n\nSpecial mention for a case of sheer relative strength\nSandfire deserves a special mention today. A 1.1% gain would be good on any day. It’s absolutely brilliant today.\nThe pillars of my technical analysis strategy are Trend, Price Action, Candles, Volume and Volatility. Each is discernible from a stock’s chart. The final pillar, Relative Strength Comparative (RSC), considers factors external to the stock’s chart. This is a key advantage of this indicator – it takes into account independent data.\nRSC compares the performance of a stock with another security, generally an index relevant to the stock. It’s common to compare a stock’s performance with the performance of the relevant benchmark index. For Sandfire and other ASX stocks, I like to compare their performance to the S&P/ASX 200.\nI use a proprietary RSC indicator – you won’t find it in any of your technical analysis platforms. Also, please don’t confuse it with the Relative Strength Index (RSI) – it’s not even close conceptually, and my research suggests the RSI has little value as a technical indicator – but that’s a story for another day.\nBasically, when the RSC (which is the bottom-most indicator in the Sandfire chart above) is green and rising, the stock in question is outperforming the benchmark index. This means that it’s better on up days, and like today, its better when most stocks are getting belted. When this occurs, I like to say, “It’s in the basket”.\nThis means it’s in a basket of securities which are going to be bought by active fund managers (not the tag along with the index passive fund managers) no matter what.\nOther than excellent RSC, the Sandfire chart has several other key indicators of strong demand-side control: Short and long term uptrends, higher peaks and troughs (on a closing basis), and predominantly demand-side candles.\n8.61 is the nearest point of demand, the short term uptrend remains intact as long as the price continues to close above this level. 9.28 is the nearest point of supply, above there it’s all blue sky.\n\nEconomy\nToday\n\nChina \"Data Dump\"\n\nNew Home Prices monthly change -0.34% in March and -2.2% p.a. (vs -0.36% February and -1.4% p.a.)\nIndustrial Production +4.5% p.a. in March (vs +6% p.a. forecast vs +7% p.a. February)\nGDP +5.3% p.a. in the first quarter (+4.8% p.a. forecast vs +5.2% p.a. December quarter)\nRetail Sales +3.1% p.a. in March (vs +5.1% p.a. forecast vs +5.5% p.a. February)\nFixed Asset Investment +4.5% p.a. in March (+4% p.a. forecast vs +4.2% p.a. previous)\nUnemployment Rate 5.2% in March (+5.2% forecast vs +5.3% February)\n\n\n\n\n\n\n\n\n\n\n\nChina's annual GDP as at the end of the March quarter was 5.3%. Source: Fair Economy and Forex Factory\nLater this week\nTuesday\n\n22:30 USA Building Permits & Housing Starts\n23:00 USA Industrial Production\n\nWednesday\n03:15 USA Federal Reserve Chairman Jerome Powell speaks\nThursday\n\n11:30 AUS Employment Change (+7,200 forecast vs +116,500 previous)\n11:30 AUS Unemployment rate (3.9% forecast vs 3.7% previous)\n\nFriday\n00:00 USA Existing Home Sales\n\nLatest News\nRussia metals sanctions on aluminium, copper, and nickel: Which ASX miners stand to benefit?\nInsider Trades: Directors bought and sold shares in these 12 ASX companies\nShort Selling: Flight Centre and Elders shorts rise, Develop Global shorters exit\nIs the Mid-East conflict a lightning rod for another surge in crude oil prices?\n\nInteresting Movers\nTrading higher\n\n+8.7% Spartan Resources (SPR) - New High-Grade Discovery - Pepper Prospect, rise is consistent with prevailing short and long term uptrends 🔎📈\n+3.2% WA1 Resources (WA1) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈\n+2.8% RPM Global Holdings (RUL) - No news, regular buyback likely having an impact, rise is consistent with prevailing long term uptrend, closed back above short term trend ribbon 🔎📈\n+2.1% Integral Diagnostics (IDX) - No news, strong chart here, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up🔎💹\n+2.1% BWP Trust (BWP) - No news, we're in trouble if BWP has made the interesting gainers list!!! 🤯\n+1.9% Genex Power (GNX) - No news, takeover gyrations around bid price…oops…not looking good today…\n+1.1% Sandfire Resources (SFR) - High grade copper prices up on Monday on Russia sanctions, rise is consistent with prevailing short and long term uptrends 🔎📈\n+1.0% Yancoal Australia (YAL) - Thermal and metallurgical coal prices rallied Monday, rise is consistent with prevailing long term uptrend, short term trend is transitioning from down to up 🔎📈\n\nTrading lower\n\n-22.8% Piedmont Lithium Inc (PLL) - Annual Report - ASX Additional Information\n-14.4% The Star Entertainment Group (SGR) - Continued negative response to yesterday's NSW Inquiry - Commencement of hearings, fall is consistent with prevailing short and long term downtrends 🔎📉\n-12.2% Resolute Mining (RSG) - No news 🤔\n-11.4% Vulcan Energy Resources (VUL) - No news 🤔\n-10.9% Zip Co (ZIP) - 3Q FY24 results update, fall is consistent with falling peaks and falling troughs, closed below short term uptrend ribbon 🔎📉\n-10.9% Ioneer (INR) - No news 🤔\n-9.7% Core Lithium (CXO) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉\n-9.3% Bannerman Energy (BMN) - No news 🤔\n-8.8% Imugene (IMU) - Imugene and Kincell Bio Announce Strategic Partnership, fall is consistent with prevailing short and long term downtrends 🔎📉\n-8.3% Deep Yellow (DYL) - No news 🤔\n-7.9% Sayona Mining (SYA) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉\n\n\nBroker Notes\n\nLife360 (360) - Retained at buy at Bell Potter; Price Target: $16.25\nANZ Group (ANZ) - Retained at underperform at Macquarie; Price Target: $27.00\nArena REIT/Units (ARF) - Retained at equal-weight at Morgan Stanley; Price Target: $4.04 from $3.80\nAntipa Minerals (AZY) - Retained at buy at Shaw and Partners; Price Target: $0.04\nBlack Cat Syndicate (BC8) - Retained at buy at Shaw and Partners; Price Target: $0.74\nBendigo and Adelaide Bank (BEN) - Retained at underperform at Macquarie; Price Target: $8.50\nBannerman Energy (BMN) - Retained at buy at Shaw and Partners; Price Target: $7.40 from $7.04\n\nBank of Queensland (BOQ)\n\nRetained at sell at Citi; Price Target: $5.05\nRetained at underperform at Macquarie; Price Target: $4.75\n\n\n\nBluescope Steel (BSL)\n\nRetained at neutral at Citi; Price Target: $24.50 from $22.30\nRetained at outperform at Macquarie; Price Target: $29.45 from $25.00\n\n\nCommonwealth Bank of Australia (CBA) - Retained at underperform at Macquarie; Price Target: $95.00\n\nCharter Hall Group (CHC)\n\nDowngraded to underweight from buy at Bank of America; Price Target: $11.50 from $13.40\nRetained at overweight at Morgan Stanley; Price Target: $14.99 from $13.35\n\n\nCenturia Industrial REIT (CIP) - Retained at equal-weight at Morgan Stanley; Price Target: $3.81 from $3.50\nCharter Hall Long Wale REIT (CLW) - Retained at equal-weight at Morgan Stanley; Price Target: $4.08 from $3.96\nCenturia Capital Group (CNI) - Retained at overweight at Morgan Stanley; Price Target: $2.03 from $1.95\nCenturia Office REIT (COF) - Retained at underweight at Morgan Stanley; Price Target: $1.40 from $1.26\nCharter Hall Retail REIT (CQR) - Retained at equal-weight at Morgan Stanley; Price Target: $3.93 from $3.83\nCettire (CTT) - Upgraded to buy from hold at Bell Potter; Price Target: $4.00 from $4.50\nDomino's Pizza Enterprises (DMP) - Retained at neutral at UBS; Price Target: $40.00 from $42.00\nDroneshield (DRO) - Downgraded to hold from buy at Bell Potter; Price Target: $1.00 from $0.90\nData#3 (DTL) - Downgraded to overweight from buy at Jarden; Price Target: $8.65 from $9.15\nDexus (DXS) - Retained at underweight at Morgan Stanley; Price Target: $8.14 from $7.75\nGoodman Group (GMG) - Retained at overweight at Morgan Stanley; Price Target: $34.33 from $34.00\nGPT Group (GPT) - Retained at equal-weight at Morgan Stanley; Price Target: $4.70 from $4.50\nHealthco Healthcare and Wellness REIT (HCW) - Retained at equal-weight at Morgan Stanley; Price Target: $1.41 from $1.65\nHomeco Daily Needs REIT (HDN) - Retained at equal-weight at Morgan Stanley; Price Target: $1.39 from $1.35\nHMC Capital (HMC) - Retained at equal-weight at Morgan Stanley; Price Target: $6.81 from $6.60\nImpedimed (IPD) - Initiated at buy at Ord Minnett; Price Target: $0.16\nJudo Capital Holdings (JDO) - Retained at underperform at Macquarie; Price Target: $1.00\nLendlease Group (LLC) - Retained at equal-weight at Morgan Stanley; Price Target: $7.25 from $7.30\nMirvac Group (MGR) - Retained at equal-weight at Morgan Stanley; Price Target: $2.41 from $2.30\nMacquarie Group (MQG) - Retained at overweight at Morgan Stanley; Price Target: $225.00\nNational Australia Bank (NAB) - Retained at underperform at Macquarie; Price Target: $32.50\nNational Storage REIT (NSR) - Retained at underweight at Morgan Stanley; Price Target: $2.35 from $2.30\nRegion Group (RGN) - Retained at equal-weight at Morgan Stanley; Price Target: $2.44 from $2.35\nScentre Group (SCG) - Retained at overweight at Morgan Stanley; Price Target: $3.79 from $3.46\nSPDR S&P/ASX 50 Fund ETF (SG ) - Retained at overweight at Morgan Stanley; Price Target: $5.30 from $5.10\nSmart Parking (SPZ) - Retained at buy at Shaw and Partners; Price Target: $0.70\nSouthern Cross Gold (SXG) - Initiated at buy at Shaw and Partners; Price Target: $2.61\nTalga Group (TLG) - Retained at buy at Bell Potter; Price Target: $2.35 from $2.50\nVicinity Centres (VCX) - Retained at underweight at Morgan Stanley; Price Target: $2.17 from $2.01\nWestpac Banking Corporation (WBC) - Retained at underperform at Macquarie\nWaypoint REIT (WPR) - Retained at underweight at Morgan Stanley; Price Target: $2.56 from $2.50\nWisetech Global (WTC) - Upgraded to positive from neutral at E&P; Price Target: $104.01 from $85.49\nXero (XRO) - Retained at buy at UBS; Price Target: $141.90 from $139.10\n\n\nScans\n\n\n\n\n\n\n\n\n\nView all top gainers                                                                 View all top fallers\n\n\n\n\n\n\n\n\n\nView all 52 week highs                                                         View all 52 week lows\n\n\n\n\n\n\n\n\n\nView all near highs                                                                   View all RSI oversold\n\nThis article first appeared on Market Index on Tuesday 16 April 2024.\n\n\n\nNever miss an update\n\n    Enjoy this wire? 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