Friday: XJO down -0.2%.
Overnight: U.S. market up a little.
Dow Jones +0.22%. SP500 +0.14%. Nasdaq +0.09%. Small Caps -0.38%. Banks +1.11%.
SP500.
SP500 has been in a short-term pull-back indicated by the ellipse centred on Friday 1 Sept. The start of that pull-back occurred, more or less, opposite the Point of Control of the Volume Profile (left-hand side of the chart). POC is a very high Volume Node - indicating a level where most volume has occurred in the past 50 days.
The pull-back may now concluded with intra-day rises on Thursday and Friday. That reversal to the upside has occurred at a High Volume Node. Such HVNs often provide support to an Index.
That apparent reversal has also occurred at the lower edge of the Value Zone of the Volume Profile. That's where 70% of trading has occurred in the past 50 days of trading.
Commodities.
Commodities Index +0.2%. Energy +0.77%. Base Metals -1.2%. Agriculture -0.23%. Gold +0.03%.
RSI5 on Commodities Index and Energy is in the overbought region above 70. A fall back below 70 often begins an evident decline.
RSI5 on Base Metals is close to the oversold level of 30.
Gold is in a short-term sideways consolidation Friday's action shows intra-day selling.
The consolidation is locked between the 50-Day MA and the 20-Day MA. A break-out from within those parameters may indicate direction - either up or down.
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