Yesterday in Australia.
Yesterday, XJO was down -0.57%.
Overnight.
Dow Jones -0.53%. SP500 -0.79%. Nasdaq -1.66%. Small Caps -1.36%. Banks -3.41%.
Huge falls overnight in Europe with the STOXX600 down -3.56%.
SP500.
Short-term, SP500 remains in non-trending, consolidation mode. Longer term, SP500 remains bearish. Wait.
Commodities.
Commodities Index +4.21%. Energy +6.73%. Base Metals +2.2%. Gold +1.5%.
The current exponential rise in Energy and Base Metals is unsustainable. Where it will end is unknown, but it will end badly.
Safe Havens: Bonds and Gold.
20-Year Treasuries (TLT) up strongly +1.73%, but it appears to be in a short-term counter-trend rally. Overall it appears to be bearish - probably because of the threat of the Federal Reserve raising interest rates.
Gold is in a strong up-trend +1.59%, and shows no signs yet of reversing to the downside.
While the Ukraine situation dictates uncertainty in the markets, Bonds and Gold will probably continue higher.
NY Advances-Declines Cumulative.
New York NH-NL Cumulative peaked in early November. The negative divergence from the SP500 Nov.-Jan. predicted the decline in the New York market. Until this indicator returns to an up-trend, it's best to stay defensive.
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