Thur. a.m. 13/1/22. Choppy trading in the U.S. produces modest rises in indices.
Overnight:
Dow Jones +0.11%. SP500 +0.28%. Nasdaq +0.23%. Small Caps -0.46%. Banks +0.51%.
The negative result in Small Caps suggests that breadth was weak.
The strong up trend in Banks could end soon as momentum measured by CCI shows a negative divergence.
SP500
With the 50-Day MA (curving blue line) heading upwards, the bias in the SP500 is to the upside.
The PRT bands (yellow) remain bullish.
The choppy nature of last night's trading can be seen in the current doji candlestick. The small body shows that the Index had little change from opening to closing, while the long upper and lower wicks indicate how trading oscillated above and below the opening price. Such candlesticks denote indecision.
The U.S. market is entering into reporting season, with some major airlines and banks reporting later in the week. Delta Airlines on Thursday. Citigroup, J.P. Morgan Chase and Wells Fargo on Friday. Those results could be market moving.
Commodities:
Commodities Index +0.79%. Energy +1.37%. Base Metals +0.26%. Gold +0.26%.
Iron Ore +2.3%.
Overnight results look mildly positive for our market today, but overnight Sydney Futures were down marginally, just 3 points. So we should have a flat opening today. Our market was relatively strong yesterday - don't expect much today.
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