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Could October finally deliver the ASX rebound investors have been waiting for? After a difficult September, Wealth Within’s Filip Tortevski and Pedro Banales examine three major stocks that could provide an early indication of whether buyers are preparing to return.
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First is BHP, where the recent selling has been more persistent than previous pullbacks during its strong run from the 2025 lows. The key area is around $60. If buyers can defend that level and push BHP back above $62, confidence in resources, global growth and commodity demand could begin to improve. A break lower, however, could open the door to a deeper correction.
Wesfarmers is another important barometer. Historically, the stock has often performed strongly despite rising bond yields, but recently both Wesfarmers and bond prices have weakened. Holding around $70 would be encouraging, while a decisive break could signal further pressure on consumer-facing stocks.
Macquarie Group currently appears stronger than the other two, having fallen less from its recent high and showing early signs of buying support. The key battle sits between roughly $240 and $250.
For now, none of the three is providing a definitive signal that the October rebound has begun, but these stocks could offer some of the earliest clues when market confidence finally starts returning.
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