Plenty of S&P/ASX 200 Index (ASX: XJO) shares are now trading below their 200-day moving average, and on Thursday, the benchmark index joined them.
The ASX 200 Index fell 1.68% to 8,762 points, its lowest level in six weeks.
Its 200-day moving average was sitting near 8,816 points before the open.
The index has now dropped through it, which is the sort of thing technical investors notice.
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Why so many ASX 200 shares have broken trend
Three forces arrived at once.
Brent crude pushed to US$101.60 a barrel as tensions involving the United States and Iran escalated.
The US 10-year Treasury yield climbed to around 4.84%, its highest since 2023.
Markets now price roughly a 70% chance the Reserve Bank raises rates again on 29 September.
The selling was broad, with 153 shares falling against 36 rising at one point on Thursday.
Here are three stocks that have been particularly hard hit.
1. Judo Capital Holdings Ltd (ASX: JDO)
Judo trades at 99.5 cents against a 52-week range of 82 cents to $2.07.
The shares are down almost 40% over twelve months and have not recovered from June's guidance downgrade.
However, the FY26 result did not justify that. Statutory net profit rose 29% to $111.1 million and profit before tax climbed 34% to $168.1 million.
Deposits jumped 24% to $12.2 billion and now fund more than 70% of the balance sheet.
Chief executive Chris Bayliss addressed the credit issue directly.
FY26 has been another year of genuine momentum for Judo. While the increase in specific provisions late in the year was disappointing, the underlying performance of the Bank has remained strong, with record revenue, continued operating leverage, strong deposit growth and lending at the top end of guidance.
FY27 guidance calls for profit before tax of $210 million to $220 million.
2. JB Hi-Fi Ltd (ASX: JBH)
JB Hi-Fi is the most extreme case here.
JB Hi-Fi shares traded at $64.60 on Thursday, below their previous 52-week low of $65.45.
However, like Judo Capital, results remain strong.
FY26 revenue rose 4.8% to $11.06 billion and net profit after tax lifted 6% to $489.9 million.
The total ordinary dividend rose 22.5% to 337 cents per share, fully franked.
JB Hi-Fi ended the year with $206.5 million in net cash and no interest-bearing debt.
However, investors are selling due to potentially higher rates, which would encourage households to pull back spending on discretionary purchases.
3. Qantas Airways Ltd (ASX: QAN)
Qantas sits near $9, close to its 52-week low of $8.03.
Unlike the previous two, earnings have fallen in recent times.
FY26 underlying profit before tax fell $330 million to $2.06 billion.
Almost all of that came from one source, with the Middle East conflict producing a $420 million net impact through record fuel prices and route disruption.
Qantas Loyalty still lifted underlying earnings before interest and tax 12%.
Oil at US$101 is the obvious problem, and it is why this one is among the cheapest ASX 200 shares on an earnings multiple.
Foolish takeaway
I would rather buy a profitable business experiencing a temporary share price downturn than a stock everyone already likes.
The catch is that such stocks can stay below trend for a very long time.
