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

  21/1/2023.  Finspiration Thursday Morning Report.

U.S. stock rebound.

Dow Jones +1%.  SP500 +1.89%.  Nasdaq +2.66%.  Small Caps +1.55%.  Banks +3.12%.

SP500.

The chart shows a classic three-day candle-stick reversal pattern:  big down day, narrow range doji candle stick, big up day.  That has to be taken in context.  SP500 remains below the 200-Day MA which has been a stumbling block for the SP500 for many months.  I'd like to see a clear break above the 200-Day MA before feeling sure about its bullish credentials - but the current reversal pattern looks promising.

Commodities.

Commodities continue to show strength.

Commodities Index +0.6%.  Energy +1.15%.  Base Metals +0.19%.  Agriculture +0.26%.  Gold -0.33%.

Bitcoin.

Bitcoin was up +6.6% last night.  For the week, it is up +12.7%

Bitcoin broke convincingly above its recent consolidation and horizontal resistance.  That looks like a bullish move.  Next hurdle:  200 DMA.

Monthly, Weekly, Daily RSI's:  M - 45.96,  W - 55.02, D - 82.55.

These figures show that Bitcoin is in a strong upside trend (Daily RSI much higher than Weekly RSI).

Until Monthly RSI is above 50, I'll presume this is a counter-trend rally in a bear market.  I'm not saying it can't turn bullish (MRSI>50), but until that happens I'll reserve judgement.