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

 6/8/22.  Yesterday in Australia.

XJO up yesterday +0.58%, but still consolidating but finding resistance at the upper edge of the Kumo Cloud.  Breadth was good:  Advances 807, Declines 560.

Resouce Stocks had mixed results with the miners up strongly (XMM +2.17%) but Energy fell (XEJ -1.4%).

Short-term and medium-term the trend is up.  The long-term trend remains in doubt while the XJO is below the 200-Day MA.

Negative divergence on the CCI suggests the XJO will have trouble breaking above the Kumo Cloud.

Overnight in the U.S., results were mixed with Tech weaker, and Industrials stronger.

Dow Jones +0.23%.  SP500 -0.16%.  Nasdaq -0.5%.  Small Caps +0.49%.  Banks very strong ++1.29%.

SP500

The short-term and medium-term trend remains up, but the long-term trend remains in doubt with the XP500 below the 200-Day MA.

SP500 has been consolidating just above the Kumo Cloud, but divergence on the CCI suggests it will have a difficult time maintaining that position.

Plenty of support remains nearby, so any pull-back might be muted.

Commodities.

Commodities Index -0.36%.  Energy fell again, -0.67%.  Base Metals +0.92%.  Agriculture -0.45%.  Gold -1.12%.

Gold is finding resistance at the 50-Day MA.  It tends to be seasonally strong from August to December, so a break above the 50-DMA could see a strong rally into year end.

Based on the Overnight Metals and Banks, Australia should do OK on Monday.