Wed. a.m. 24/11/21.  Mixed results in U.S. stocks, with 10 Yr yield rising.

Overnight:

The effects of Biden's decision to re-appoint Powell as Federal Reserve Chair continued to be felt in the American market.  The yield on 10-Year Treasuries went up, so Tech stocks went down and Banks went up.  We'll see a similar effect in our market today.  Our Tech stocks were hit hard yesterday, with ATEC (the ETF tracking the Information Technology sector) down -3%, while MVB (ETF tracking the Banking industry group) went up +0.85%.

Dow Jones +0.55%.  SP500 +0.17%.  Nasdaq -0.5%.  Small Caps +0.03%.  Banks +1.57%.

SP500:

SP500 fell in the first hour of trading, then slowly pegged back the losses to finish on the positive side.  That suggests that the Powell-effect may have disappeared from traders' minds after the first hour and is now becoming a distant memory.  

The long lower wick on today's candle indicates the extent of the intra-day buying and suggests we'll see follow-through in the next session.  Enough to break above overhead resistance?  We'll have to wait and see.  Thursday - the market is closed for Thanksgiving.  Friday's action might be guided by confidence in the buying on "Black Friday" specials.

Commodities:

Commodities Index +1.81% rose strongly buoyed by improving Energy prices, +3.51%.  Base Metals down -0.65%.  Gold continued to suffer from the Powell-effect, down -0.87%.  Gold saw some intra-day nibbling as it fell down to support of the 50-Day MA.  It might stabilise around this level which is opposite a big congestion zone.

Iron Ore +5%.

Overnight Oz Futures +0.0%.

Australia's ASX200 was up strongly yesterday +0.78%.  Overnight Futures suggest the ASX200 will consolidate today around yesterday's close.   That seems a bit odd given the overnight results, but maybe our market pre-empted those in yesterday's rise.