ASX index sheds 46.2 points (-0.63%) as market bears take the reigns

A quick look at today: ASX ended the session around the 7,213.8 level today, after yesterday's 46.2 points decline and close at 7,260.

ASX 200 pushed below the 7,213 support level and extended 0.9 points beyond it. After descending below strong Fibonacci support at 7,213, market bears have earmarked 7,173 as the next downside target. ASX's upper Bollinger Band® is at 7,318.54 which indicates a further downward move may follow.

In the short term, ASX is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, after ending today's session at 7,763, FTSE lost 136 points and is trading around 7,627. DAX lost 1.92% today and closed at 16,153. CAC drops 1.7% today and closed at 7,378.71.

Trading mostly sideways for 2 months. Having soared to a high of 7,558 approximately 3 months ago, ASX is now trading 3.95% lower.