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

 14/1/2023.  Finspiration Saturday Report.

Everything is up.  (Not quite - but you get the idea.)

Yesterday in Australia.

XJO up +0.66%.  Nine out of eleven sectors were up.  XUJ (Utilities) was flat, and XSJ (Staples) down -0.5%,  both are defensives.  Best performers were XEJ (Energy) +1.5%, Discretionary +1.4%, XXJ (Financials) and Telecommunications both up +1.1%.

XJO is now coming up to a major resistance area, the November high.  A break above that would be bullish.

Overnight in the U.S.

Dow Jones +0.33%.  SP500 +0.4%.  Nasdaq +0.71%.  Small Caps +0.56%.  Banks +0.7%.

An interesting night in the U.S.  The indices dropped at the opening after some of the big banks reported disappointing earnings.  But then the banks flew higher.  You can see what a broad range it was by looking at the last candle on the BKX chart.  Wells Fargo, for instance, opened lower but finished up +3%.  So much for disappointing earnings!  Countering those rises in the banks were falls in autos, Ford -5% and General Motors -4%.

SP500.

SP500 is up five of the past six days, and the only down day was only down marginally.

The chart is bullish.  The trend is up.  I like to stay with the trend until it has obviously finished.

It was a good effort by the American market coming at the end of the week and facing a three day break - those conditions often see profit taking.

Commodities.

Commodities Index +0.98%.  Energy +1.27%.  Base Metals +1.46%.  Agriculture +0.15%.  Gold +1.2%.

Base Metals and Gold are both in exponential rises.  Both are overbought.  RSI on DBB is now at 73.1.  RSI on Gold is now at 74.15.  Exponential rises can go on for longer than we can think - but usually revert to the down-side just as quickly.  Careful.

Bitcoin.

Bitcoin continues its great upside run.  It is now coming up to its early November high.  With an RSI at 84, it might rest here, but any dip will probably be a buying opportunity.