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ASX 200 futures are currently trading at 5551-lower by 9.48% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.
In the Cash Markets, the ASX 200 fell 7.33% to close at 5,760.60, losing $88.25 billion in value on Monday. It was its more-than one-year lowest level.
The ASX 200 also posted its biggest daily fall since the global financial crisis on Monday.
The benchmark index fell today as traders dumped stocks due to fears of a deeper economic fallout from the China-linked virus outbreak, with a drop in crude prices adding to the panic.
Crude prices dived about 30% on Monday after Saudi Arabia slashed prices and set plans for a dramatic increase in oil production in the next month.
The Australian energy sector plunged 20% today and was the worst performer on Monday. Index heavyweights Santos Ltd and Woodside Petroleum fell 27.01% and 18.35% respectively on Monday.
The plunge in crude prices hit sentiment already pressured by the fast-spreading of the pneumonia-causing virus, which has so far taken 3,800 lives globally.
According to market sources, to offset the impact of the coronavirus, the government in Australia was planning measures of about A$10 billion, abandoning its plans for a budget surplus in the fiscal year.
Financial shares which have high weightage in the index dropped 7.6% on Monday.
Stocks of Westpac Banking Corp today closed at its lowest level since November 2011. Commonwealth Bank of Australia and ANZ Banking Group Limited fell 6.5% and 8.45% on Monday.
Mining shares which were among the worst affected by the Sino-U.S. trade tensions fell 9.8% today. Index heavyweights Rio Tinto Ltd and BHP Group plunged 6.4% and 14.4% respectively.
On the economic front, NAB Business Confidence for February is scheduled to be released early on Tuesday. The index is expected to fall to -2 from -1 in the previous month.
On the technical front, the RSI is currently at 14.53% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Sell At 5570 Take Profit At 5500 Stop Loss At 5605