The ASX is set to open on the downside this morning, with Sydney Futures -0.34% after the American market fell last night. Dow Jones -1.14%, SP500 -1.47%, Nasdaq -1.57%, Copper -0.65% and Gold -0.91%.
Overnight, BHP -2%, Rio -1.68%.
SP500.
SP500 is in the second wave down of its down-trend that started on 27 July.
The index is now oversold with an RSI almost at 30.
The positive divergence on MACD Histogram suggests that the Index is close to a reversal point. Major horizontal support and 200-Day MA are, however, still some distance away.
Stay with the trend until it has clearly ended.
RIO Tinto in America.
Rio is close to the Point of Control - the zone where the heaviest trading volume has occurred, so a reversal may not be far away. Major horizontal support lies at 61.21. Rio finished at 62.01.
U.S, VIX (Fear Index).
VIX, which trades inversely to stocks, is at the top of its range and showed a big intra-day reversal, so to a contrarian that suggests the fall in U.S. stocks is coming to an end.
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