8/10/22. Overnight in America. Indices retreat from 20-DMA.
Dow Jones -2.11%. SP500 -2.8%. Nasdaq -3.8%. Small Caps -2.43%. Banks -2.27%.
The Jobs Report came out at 8.30 a.m. NY time. The jobs market remains strong. The market didn't like what it saw, expecting no easing of interest rate rises, gapped down at the opening and kept going down.
SP500.
The 20-DMA resistance level has proved too much for the SP500. It gapped down at the opening and continued its fall. A test at least of the recent low 0f 30 Sept. seems assured. Further downside after that is likely.
Commodities.
As usual, Commodities Index +1.05% was dominated by a rise in Energy +2.07%. Base Metals -2.24% went the other way. Agriculture flat +0.15%. Gold -1.1%.
In Australia yesterday.
XJO down heavily yesterday, -0.8%. It remains in its expanding, descending wedge, so another leg down seems likely.
I'll be looking for a bounce about half-way down to the lower edge of the wedge. If that happens we might see a break to the upside of the wedge. Wait.
Bitcoin.
Bitcoin has retreated from resistance of the Supertrend (7/1.5). Expect more downside.
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