ASX 200 formed on the 20th July a Gravestone Doji candle which is an indication of a top and reversal. Not the best top and reversal indicator but nevertheless. Combined with negative RSI as in this case it is fairly reliable.
A sell-off down seems likely. However, there is some support around 7,200 with all daily Moving Averages rising and clustered together. That could mean that the downside potential is limited.
In fact ASX200 could be range bound between 7K and 7,400 for quite some time. For upside momentum a close above the peak of the Gravestone Doji i.e., above 7,384 is needed.
Until that scenario plays out ASX200 is likely to be quite depressed.
An Index close below the 200 Moving Average is likely to fuel a sell-off down to /K
A close above 7,384 there is strong resistnace at around 7,633