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

 29/10/22.  Morning Report.

Overnight, U.S. stocks surge higher, Apple up >7%.  Commodities fall.

Dow Jones +2.59%.  SP500 +2.46%.  Nasdaq +2.87%.  Small Caps +2.16%.  Banks +1.84%.

SP500.

Friday produced a bullish engulfing candle which took the SP500 above resistance of the 50-Day MA.  Next stop - the Ichimoku Cloud.  Stay with the up-trend until it has clearly ended.

Commodities.

Commodities Index -1.17%.  Energy -1.22%.  Base Metals -2.75%.  Agriculture -0.51%.  Gold -1.02%.

From an Australian perspective, overnight results are a mixed bag.  Clearly, resource stocks will continue to be under threat, while banks and technology stocks might prosper.

Yesterday in Australia.

Yesterday, the XJO suffered a down day, -0.87%.  It was not alone in that with Japan, Shanghai and Hong Kong also falling.

Yesterday's action came back to test the 50-Day MA as support.  Last night's action in the U.S. suggests the ASX could break above the Kumo Cloud which would be a bullish event.

XJO had a weak "buy" signal on 17 October when the Conversion Line crossed above the Base Line of the Ichimoku system.  A break above the Kumo Cloud would strengthen that signal.

Next trip looks like a test of the 200-Day MA.

Bitcoin.

Bitcoin continues to hold above the 50-Day MA and the downtrend line from mid-August.

It is now facing resistance of the Kumo Cloud.

It's recent long consolidation period does, however, appear to be ending.  Look to more upside.