Tue. a.m. 23/11/21.  Last hour plunge sours American stock market.

Overnight:

Dow Jones +0.05%.  SP500 -0.32%.  Nasdaq -1.26%.  Small Caps +0.66%.  Banks +1.79%.

The last hour plunge in market indices occurred just after Biden announced the re-appointment of Powell as Federal Reserve Chairman.  That suggests that the market was hoping for the more dovish Brainard to be appointed and keep the spigots open for longer.

SP500:

SP remains at the top of its range and just under major resistance of 4702.

Negative divergences on indicators suggest we'll see a test of support at 4647.

A break above resistance would indicate a continuation of the bullish trend.

Commodities.

Commodities Index +0.72% (bouncing off the 50-Day MA).  Energy +1.16%.  Base Metals +1.46%.  Gold smashed -2.24%.  The big fall in Gold suggests the market expects inflation to be contained.

Iron Ore +3.7%.

After ten minutes of trading this morning, XJO is up +0.4%.  Financials are up +0.6% with all the big four banks on the positive side.  We could have a good day on our market today.