Finspiration Australia. Oz and U.S. markets continue surge higher.

 Yesterday in Australia.

 

XJO up +0.6% and up +3.27% for the week.  That's the best weekly rise since 1 February.

Short-term, the XJO is bullish, longer term it remains bearish.

XJO is below the 200-Day MA where it failed twice in February.  That's a major hurdle now for the XJO.

Overnight.

Dow Jones +0.8%.  SP500 +1.17%.  Nasdaq +2.05%.  Small Caps +0.58%.  Banks -0.14%.

SP500.

Sp500 up +6.16%, its best week since early November, 2020.

Like the XJO, SP500 is short-term bullish but facing the prospect of resistance at the 200-Day MA.

This looks likely to be the start of a sustainable rally, but SP500 needs to get above the 200-DMA.

Counter-trend rallies in bear markets typically fail when RSI reaches about 60.  RSI is currently at 57.24 - not far away.  If this is more than a counter-trend rally, RSI will probably reach to about 70.  Let's see how it goes.

Commodities.

Commodities Index +0.47%.  Energy has resumed its upside rally, +1.43%.  Base Metals +0.04%.  Gold -0.88%.

The upside rally is likely to fail before it reaches the recent high.

New York Advances-Declines Cumulative.

A-D Cum is back above its 20-Day MA.  That's a significant milestone and probably indicates that the market has reversed from its previous bear trend.