Sat. 8/1/22. U.S. stocks lose ground.
Yesterday in Australia.
XJO up +1.29%
The past seven days have seen extreme volatility with XJO breaking above and below major support/resistance at 7471. On Friday, XJO finished at 7454, just below that key horizontal marker.
Thursday's extreme downside move suggests we could be in for more downside.
Overnight in America:
Dow Jones -0.01%. SP500 -0.41%. Nasdaq -0.96%. Small Caps -1.11%. Banks +1.6%
SP500.
Although SP500 lost ground it is continuing to hold at the 50-Day Moving Average. The bias is, however, to the downside. This could go either way.
Commodities.
Commodities Index +0.19%. Energy 0.00%. Base Metals -0.18%. Gold +0.46%.
Junk Bonds.
Junk Bonds often give an insight into the sentiment of traders. Risk-on - Junk Bonds rise. Risk-off - Junk Bonds fall. JNK is clearly giving signs of a Risk-Off environment.
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