14/6/23.

 

The Dow Jones has been up for six days in a row - with the Federal Reserve decision on interest rates coming out tonight (Oz time), DJ is now in dangerous waters.

Overnight in the U.S.

Dow Jones +0.43%. S P500 +0.69%.  Nasdaq +0.83%.  Mid-Caps +1.08%.  Small Caps +0.94%. Banks +1.53%.

Except for the banks, all the above indices had gap-up openings on Tuesday.  That's beginning to look like irrational exuberance at this stage of the up-trend.

SP500.

SP500 has now been in a sideways consolidation for the past 11 days.

Wait and see what happens tonight after the Fed makes its ideas known.

Commodities.

Commodities Index +1.34%.  Energy +2.57%.  Base Metals +1.17%.  Agriculture +0.29%.  Gold -0.74%.

Those good commodities figures should keep the Ozzie market out of trouble today.

After 90 minutes of trading this morning, XJO is up +0.23%.  Materials (XMJ) is doing best, up >2%.