7/6/22. Yesterday in Australia.
XJO down yesterday -0.45%. It is consolidating at the top of a short-term up-trend, above both the Tenkan Sen (Conversion Line) and Kijun Sen (Base Line). But, it remains below the Ichimoku Cloud - long-term bearish. We need to see which way this breaks from the consolidation. Support remains at 7181.
Overnight in America.
Modest rises overnight in America.
Dow Jones +0.05%. SP500 +0.31%. Nasdaq +0.4%. Small Caps +0.64%. Banks +0.39%.
SP500.
Last night's action in the SP500 was indecisive and the Index remains consolidating at the top of a short-term up-trend. Wait.
Commodities.
Commodities +0.44%. Energy +0.31%. Base Metals -0.35%. Agriculture +1.33%. Gold -0.44%.
After 50 minutes of trading this morning, XJO is down -0.7% and below horizontal support. It is currently at 7150. The market is coming into the 11.00 a.m. turn period. Until now it has been falling steeply. One of two things will now probably happen, either a rebound to the upside, or consolidation at the lows. I doubt we'll see more downside.
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