Overnight.
Dow Jones +0.97%. SP500 +1.23%. Nasdaq +1.94%. Small Caps +2.39%. Banks +0.9%.
SP500.
SP500 opened with a gap up and continued higher for most of the day. Ichimoku Indicators are all bullish.
I'm no Elliott Wave expert, but this looks to me like Wave 5 (ending wave) of a five wave impulsive move.
CCI maintains a negative divergence, but RSI still hasn't hit oversold, so there could be more in this yet.
Commodities.
Commodities Index up +0.38% on the back of stronger Energy +1.73%.
Base Metals fell -1.8% but seems to be finding support at the 20-Day MA. Gold +0.04%, rose intra-day after finding support at the 50-Day MA.
Iron Ore +0.2%.
After 40 minutes of trading this morning, XJO is up +0.7%. Sector doing best is Information Technology +3.2%.
The market seems to have no concern about the impending interest rate rises.
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