Finspiration Australia. Chart Analysis for Australian and International Stock Markets.

 16/8/22.  In Australia yesterday.

Yesterday saw a narrow range, inside day, resulting in a moderate rise in the XJO of +0.45%.

The medium and short term trends remain to the upside, but momentum is slowing.

The 200-Day MA remains as stiff resistance on the upside.

Overnight in America, early losses were erased to post moderate gains.

Dow Jones +0.45%.  SP500 +0.4%.  Nasdaq +0.62%.  Small Caps +0.36%.  Banks -0.2%.

SP500.

SP500 was up moderately, and now nudging up to the 200-Day MA.

RSI14 is overbought at 72.6.

Stochastic has been in its overbought range since 20 July - that's a long time to be sitting in that range.

The 200-DMA will probably cause resistance, but, while the medium and short term trends remain up, you have to stay with the trend.  That's what trend traders do, but I'm not optimistic about the near term future.  Be prepared to reverse.

Commodities.

Commodities haven't confirmed the bullish trend in Equities - that's not a good sign for the Australian market.

Commodities Index -1.23%.  Energy -1.77%.  Base Metals -1.29%.  Agriculture -0.69%.  Gold had a big fall and finished below the 50-Day MA, -1.29%.

Iron Ore -2.8%.  Thermal Coal flat, 0.0%.

After 25 minutes of trading, XJO is up +0.5%.  Energy is under pressure, -1.42%.  That's the only Sector at this stage which is in negative territory.