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

17/9/22.  Overnight in America, stocks slip again.

 Dow Jones -0.46%.  SP500 +0.72%.  Nasdaq -0.9%.  Small Caps -0.65%.  Banks -1.51%.

SP500.

Friday's candle presents as a "hanging man" candle, coming at the low end of a trend that often signifies an end to the trend is close.

SP500 gapped down at the opening, sold off, but intra-day buying brought the index back up close to its opening quote.

RSI is oversold.  Both RSI and CCI show positive divergences so a rebound may be a possibility.

Stochastic is down into the oversold area.  That's a "get set" signal, but don't jump the gun.  It can remain oversold for long periods of time.

Commodities.

Commodities Index -0.36%.  Energy -0.62%.  Base Metals flat 0.00%.  Agriculture -0.1%.  Gold +0.55%.

Gold fell heavily on Thursday on bigger than normal volume.  Thursday may have been a wash-out event.

Yesterday in Australia.

XJO down heavily on Friday, -1.52%.  It is below the Kumo Cloud and Supertrend is blue (bearish).

The index is coming down to horizontal support and a major congestion zone over to the left of the chart.  RSI is oversold.

There may be a bit more upside, but a short-term bounce is likely next week.

BITCOIN.

Above is a six-month daily chart of BTCUSD,  From late March to early June, Bitcoin fell heavily.  Since then it has been in a long sideways consolidation.  Short-term it is consolidation at recent lows.

The Crypto could be setting up for a move to the upside with plenty of positive divergences showing on indicators.

Below is a one-year weekly chart of BTCUSD.

The fall from grace for BTC began in early Nov. last year when it topped close to $70,000.  It is now down around $20,000.  

In that time, as shown by the Supertrend Line, BTC has had only one serious attempt at a rebound (in March) which failed.  It's had two consolidation periods since then.  The current one, with BTC oscillating around the 200-Week MA, has lasted a long time by BTC standards.  So it may be due for a move to the upside.  A move back above the Supertrend Line could signal the beginning of a tradable rebound.  I doubt, however, that it will last for long.  Look for resistance at the Base Line of the Ichimoku system - around $32,000.