Finspiration Australia. Objective technical analysis of the Australian and International stock markets.

 12/4/22.  Overnight, U.S. stocks fall.

Dow Jones -1.19%.  SP500 -1.69%.  Nasdaq -2.18%.  Small Caps -0.61%.  Banks -0.01%.

The bond market continues to wreak havoc in stocks.  10Yr T Note rose to a 3 1/4 year high at 2.79%.  That particularly hurts growth and tech stocks - not so much banks.

SP500.

Sp500 fell heavily overnight and below major supports of the 200 Day MA (black line) and the top of the Ichimoku Cloud.  It is now down to support of the 50-Day MA (blue line) and the Base Line (Kijun Sen) of the Ichimoku system.  It is also at horizontal support of the highs back in early March.

After such a big fall last night we could see upside tomorrow but not enough, probably, to offset the current bearish trend.  We'll need to see a couple of upside days to break the down trend.

Commodities.

Commodities Index -0.82%.  Energy -1.31%.  Base Metals -1.7%.  Gold +0.5%.

Iron Ore -1.5%

Australian Energy and Mining stocks will probably be under pressure today.

Overnight Oz Futures -0.4%.

Yesterday in Australia, the XJO suffered a reversal day which often suggests more downside.  Today looks certain to produce more downside - not a good scenario for the near-term future of our market.