Finspiration Australia. Chart Analysis for Australian and International Stock Markets

 11/8/22.  Overnight in America - Equities rise on CPI.

Dow Jones +1.63%.  SP500 +2.13%.  Nasdaq +2.89%.  Small Caps +2.21%.  Banks +2.9%.

The three major indices all had large opening gaps to the upside and then continued higher.

SP500.

I look at this chart with a jaundiced eye.

Large opening gaps to the upside, at the top of a trend, are often a sign that exhaustion is about to set in.  The FOMO emotion appears to be setting in,  with weak hands buying helter-skelter.  And we know who is selling to them - the smart traders.

I may be wrong, of course, with the next couple of days telling the true story behind the big up move last night.

Commodities.

Commodities Index +1.38%.  Energy +1.55%.  Base Metals, above its 50-DMA, up +1.5%.  Agriculture +1.34%.  Gold -0.25%.

Iron Ore -0.1%,  Thermal Coal +3.7%.

After 30 minutes of trading this morning, XJO is up +0.92%.