Yesterday, XJO up +0.21%, Dow Jones down -1.12%, Nasdaq up +0.38%, Energy up +1.4%, Gold up +1.16%, US Dollar flat.

Below is a weekly chart for XJO:

XJO is down -1.07% for the week.  

It is at the Oblique Supporting Trend Line and close to the 200-Week Moving Average.  That suggests we should see an upside move in the near future.  

U.S. Indices.

U.S. Indices were mixed overnight with Dow down and Nasdaq up.

Dow Jones -1.12%.  SP500 -0.48%.  Nasdaq +0.38%.  Small Caps -1.01%.  Banks -2.34%.

RSIs for Dow and SPX are both below 30 - extremely oversold.  They don't go much lower without a rebound.  It probably all depends on geo-political events.

SP500

 The 3-Day EMA of Volume continues to rise and is well above the 13-DEMA and the 20-DSMA.

That suggests we are close to a selling climax which should see a rebound.

Watch for the 3-Day EMA of Force Index to rise above the 20-DSMA and for the Dynamic Zone Stochastic fo rise above its lower band.

Commodities.

 Commodities Index +1.34%.  Energy +1.4%.  Base Metals +1.38%.  Agriculture +0.92%.  Gold +1.16%.

Gold is now into the overbought zone with a RSI at 74.53.  This may be suggesting that its state as a safe haven may be coming to an end.

Energy is sitting around its 50-Day MA, i.e., about mid-range of recent activity.  That's a bit surprising given the current turmoil in the Middle East.  A candle-volume chart, however, shows a somewhat different picture:

Energy had huge volumes Thursday and Friday, a week ago.  That suggests that the current uptrend which began when Hamas invaded Israel in early October may be coming to an end.  Those huge volume occurred at a significant resistance level.  Energy has pulled back a little since then on lower volume, but Wednesday was a very volatile day.

MAs on the Force Index (three of them) are all sitting mid-range.  This could go either way, but given the big volumes a week ago, it wouldn't take much to nudge DBE lower.  That would be a plus for the American market.