Overnight.
Dow Jones -0.19%. SP500 -1.22%. Nasdaq -2.28%. Small Caps -1.12%. Banks +0.49%.
SP500.
It was a wild ride on the market last night with the SP500 printing a wide-range candle with a small body (aka a "rickshaw man"). Although a wide-range candle - still not as wide as the previous session. The past two days have been exceptional - with high volume and finding support at last year's Sept/Oct low.
The SP500 is extremely oversold with RSI(14) at 25.8.
All of this points to the probability of a move to the upside. Tuesday's action suggests that major participants are anticipating a move to the upside - no matter which way the Federal Reserve decides to go.
Commodities.
Commodities Index +0.91%. Base Metals +0.61%. Energy +1.4%. Gold +0.32%.
All four charts show a bull flag with a break to the upside last night. That's a positive for the Australian market.
Australia is closed for a public holiday today. We'll have to wait till tomorrow to take action on the decision of the Federal Reserve.
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