3/5/22. U.S. equities finish higher.
Dow Jones +0.26%. SP500 +0.57%. Nasdaq +1.63%. Small Caps +0.72%. Banks +1.11%. Except for the Banks, CCI on the other indices are all showing positive divergences. That suggests we will see a counter-trend move in the near future.
U.S. indices were well into negative territory with an hour of trading to go. A surge higher in the last hour pushed the indices into positive territory with the Nasdaq up very strongly, despite 10-Yr Treasuries rising above +3%.
SP500.
The action last night was particularly interest. SP500 broke below the low of 24 February, which was the lowest low in over a year. The last hour action pushed the index well above that low.
The fall in the earlier part of the day below the low of 24 February would have triggered a lot of sell orders. Those sell orders are now stranded and this could lead to a short-covering rally. Let's see if that eventuates tomorrow. This action is typical of "smart money" activity.
Commodities.
Commodities Index +1.53%. Energy +3.51%. Base Metals -1.39%. Agriculture -0.36%. Gold -1.95%.
The most recent candles on both Base Metals and Agriculture are "hanging man" candles. The one on Base Metals is accompanied by increased volume. That could be a sign that the pull-back in Base Metals is ending.
Iron Ore - no new figures for IO as China has shut down for May Day Celebrations.
Overnight Oz Futures are down -0.4%. They are probably being constrained by fear about an interest rate hike by the Reserve Bank. Federal Reserve also meets this week.
I'm reasonably optimistic that the ASX will finish in positive territory today - but the Reserve Bank announcement will be key.
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