Tue. a.m. 30/11/21.  Major U.S. Indices rebound after Friday's rout.

Overnight:

Dow Jones +0.68%.  SP500 +1.32%.  Nasdaq +1.88%.  Small Caps -0.28%.  Banks +0.26%.

Those numbers in isolation look good (except for the Small Caps) but within the context of the charts give pause for thought.  Dow Jones remains below its 50-Day MA.  SP500 and Nasdaq remain below their respective 20-Day MAs.  Small Caps had a small loss and remains below its 50-Day MA and the rise in Banks was anaemic.  The Banking sub-group remains below its 50-Day MA.  So the indices have more work to do to get above resistances.

SP500:

The medium-term trend remains bullish (PRT Bands yellow).  The short-term trend remains indecisive.  We need to see the short-term line back above the 8-Day EMA to feel confident that today's action isn't a "come-in-sucker-the-water's-fine" move.

Commodities:

Commodities Index flat +0.00%.  Energy up a little +0.12% but was hit with intra-day selling.  Base Metals +0.96%.  Gold down a little -0.14%.

Iron Ore +3.4%

Overnight Oz Futures +0.6%.

We should see some follow-through buying today in our market.

The Cumulative Advance-Decline Line for the American market continues to be of concern (as it is for the Australian market).  The Advances-Declines bounced strongly in early trading last night, but suffered intra-day selling.  The weak performance of the Small Caps (-0.28%) is indicative of that effect.  The Cum A-D remains below its 50-Day MA and its 10-Day MA.  Until we see Cum A-D climb back above the 10-Day MA, it might be best to stay cautious about long-term investments.