Finspiration Australia.

  24/2/2023.  Finspiration Saturday Report.

XJO up a little, America flops.

Yesterday in Australia.

XJO up yesterday +0.3%.  Ten out of eleven sectors were up.  The only sector down was Materials -1.2%.  So breadth was reasonably positive.  Advancing Stocks: 701, Declining Stocks 609.

Best performers were XIJ (Info Tech) +2.4%, XNJ (Industrials) +1.4%, XPJ (Real Estate) +1.3% and XDJ (Discretionary) +1.2%.

XJO is sliding down the 2 Standard Deviation Bollinger Band - that's bearish.  

I've marked a Support Zone on the chart where I think this market is headed.

Overnight in the U.S.

Dow Jones -1.02%.  SP500 -1.05%.  Nasdaq -1.69%.  Small Caps -0.75%.  Banks +0.2%.

The massive intra-day buying on the Dow on Thursday didn't resolve into a solid upside move last night - just the opposite.  Lots of doji candlesticks litter the other indices above.  That means we still have a battle between the bulls and bears going on during intra-day trading.

SP500.

SP500 has broken below the oblique support line from Dec. 2020.

The chart remains bearish with the index sliding down the lower 2SD Bollinger Band.   

I've marked a possible support zone on the chart.  

Watch which way the market breaks from last night's doji candle-stick.  That might provide some idea of near-term direction.  I doubt, however, that we'll see a change of trend in the near-term.  We need to see a break above the 8-Day EMA to confirm a change on the near-term (bearish) trend.

Commodities.

Commodities Index -0.34%.  Energy +1.39%.  Base Metals -2.22%.  Agriculture -1.46%.  Gold -0.72%.

With the SP500 weak, and Metals prices weak, there's not a lot of hope for the ASX on Monday.

Bitcoin.

Bitcoin was down -3.25% overnight.  It is now sitting in the neutral zone around the 20-Day MA.

Supertrend is bearish.  The chart is below the 8-Day EMA.  Until we see a break to the upside of those two metrics, the line of least resistance is to the downside.