Fri. a.m. 3/12/21.  Santa put the Elves on Double Time last night.

Overnight. 

Dow Jones +1.82%.  SP500 +1.42%.  Nasdaq +0.83%.  Small Caps +2.93%.  Banks +3.42%.

Dow Jones rose 618 points.  According to Big Charts, that is the best points rise this year.

I'd suggest that puts the current pull-back at an end.

SP500.

We can now see that the break of support on Wednesday was a false break and capitulation by the "weak hands".  Thursday's action takes the chart well above the 50-Day MA and horizontal support from the Aug/Sept top.  Such an aggressive move indicates institutional action (the Big Boys).  When they step in - they're usually right.

Aggressive traders will now buy this rebound.  More cautious ones might wait for the Short Term Line to move above the 8-Day EMA.  That would confirm the end of this pull-back.

Commodities:

Commodities Index +0.88%.  Energy +1.64%.  Base Metals -0.15%.  Gold -0.55%.

Iron Ore -3%.

Overnight Oz Futures +0.7%.

We should have a much better day and I think the Banks will shine brightly.