6/7/23. Thursday Morning Finspiration Report.

 Yesterday In Australia.

Yesterday, XJO stalled at horizontal resistance.  Today it has continued its downside move and is currently down -0.7%.  Things are crook in Tullaroop.

Overnight in the U.S.

Major indices have stalled at recent highs.

Dow Jones -0.38%.  SP500 -0.2%.  Nasdaq -0.18%.  Mid Caps -0.89%.  Small Caps -1.5%.  Banks -0.89%.

SP500

SP500 was down a little last night but remains in a strong up-trend.  

We'll to wait and see if this stall at horizontal resistance is the start of something bigger, or just a pause before rising above resistance.  Money Flow Index (not shown on the chart) has a negative divergence to the SP500, so the odds lie to the down-side.  The poor performance of the XJO this morning is also an indication of further downside.  (XJO often pre-empts moves in the U.S., despite the pundits always telling us that Oz follows the lead of the U.S.)

Commodities.

Commodities Index, +0.62%.  Energy +1.65%.  Base Metals -0.83%.  Agriculture -0.33%.  Gold -0.35%.

Energy is knocking on horizontal resistance for the fourth time in the few weeks.  XEJ shows plenty of intra-day buying on heavy volume so it might break through to the upside soon.