Monday, September 19, 2022

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

 20/9/22.    Overnight in America.  Stocks snap four-day losing streak.


Dow Jones +0.64%.  SP500 +0.69%.  Nasdaq +0.76%.  Small Caps +1.02%.  Banks +1.13%.

European STOXX600 lost -0.1% after being down about -1% for most of the day.  That's quite a reversal day - bullish.

SP500.


After a "hanging man" candle on Friday, and a bullish engulfing candle on Monday, this looks promising for the short-term.  But plenty of resistance remains overhead.  This may provide an opportunity to "sell the rip".

Commodities.


The Commodities Index underwent a huge intra-day reversal under the pressure from Energy.  The Index started well down in negative territory but finished positive on the day

Commodities Index +0.32%.  Energy +0.71%.  Base Metals -0.47%.  Agriculture flat 0.00%.  Gold flat +0.08%.

Iron Ore -0.4%.  Thermal Coal flat 0.00%.

ASX should see a much better day today.

BITCOIN

Bitcoin is currently up +0.18% after registering a "hanging man" candle on Monday.  That was also a 52-day low.

The crypto remains in a sideways consolidation.

Yesterday's action adds some more evidence to my idea that the current consolidation is a Wyckoff Accumulation.  Monday's action looks like a Wyckoff spring.  We still need more evidence to complete the evidence.

A detailed description of Wyckoff stages can be found here.

An idealised accumulation phase is shown in this diagram.

Don't be concerned if a particular chart in practice doesn't follow strictly to the ups and downs in this idealised chart.  So long as the particular chart more or less follows, then it probably is an Accumulation phase.

In the Bitcoin case I would now be looking for a break above the mid-August high to establish a bullish mark-up phase.



No comments:

Post a Comment

Finspiration Australia. 14/11/23. Tues. Morning Report.

Mixed Results in New York.  Energy up. NAB ex-dividend today. Dow Jones +0.16%.  SP500 -0.08%.  Nasdaq -0.11%.  Small Caps -0.07%.  Banks -0...