27/5/22. Overnight.
Dow Jones +1.61%. SP500 +1.99%. Nasdaq +2.69%. Small Caps +2.11%. Banks +2.42%.
SP500.
SP500 is coming up to the first line of horizontal resistance at 4087. The current momentum should be enough to overcome that. The next line of horizontal resistance is at 4176 which might be harder to overcome. That's a major resistance level and coincides with the Kijun Sen (Base Line) of the Ichimoku. Together, they will provide stiff resistance to further upside. But we'll deal with when, and if, it happens.
Commodities.
Commodities Index +1.09%. Energy +1.79%. Base Metals -0.09%. Agriculture +1%. Gold -0.19%.
Commodities Index is at a major horizontal resistance zone. If it can overcome that we should see much higher prices. Some commentators are talking about a Commodities Super-Cycle. We could be seeing the beginning of that.
Iron Ore -0.7%. Thermal Coal -0.4%.
After 10 minutes of trading, XJO is up +1.2%. Information Technology and Consumer Discretionary are doing best. These are risk-on sectors, which is a good pointer to further upside.
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