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

 14/12/22.  Finspiration Morning Report, Wednesday.

Dow up modestly overnight.  Commodities up strongly.

Dow Jones +0.3%.  SP500 +0.73%.  Nasdaq +1.01%.  Small Caps +0.35%.  Banks +0.04%.

CPI figures came in lower than expected (but still high) that had the effect of stocks opening gap up, but intra-day selling knocked the top off most of that.  

SP500.

Last night's dark candle indicates the extent of intra-day selling in the SP500.

Supertrend Lines show one bullish (yellow) and two bearish (blue) lines - a non-trending situation.

SP500 hit the top Supertrend line and above the 200-Day MA, but declined to finish below the 200-Day MA.  

The Index needs to turn all three Supertrend lines yellow (bullish) to give a new "buy" signal.

Commodities.

Commodities Index +1.65%.  Energy +2.42%.  Base Metals +1.13%.  Agriculture +0.61%.  Gold +1.71%.

The better than expected CPI figures resulted in the U.S. Dollar falling.  US$ has an inverse relationship to the price of Commodities.  The US$ fell last night, so Commodities priced in US$ rose.

Iron Ore Futures -0.3%.

Bitcoin.

Bitcoin was up >3% last night, giving some optimism for further rises.  It needs to turn all three Supertrend lines to yellow to give a "buy" signal.  Last time that happened, the rise was short-lived.  So don't get your hopes up too much.  While BTC remains below the 200-Day MA, I'll continue to believe that any rally is a counter-trend rally, likely to fail.