Yesterday was Jobs Day in the U.S. and the employment figures came in weaker than expected. Bad News = Good News for the U.S. stock market. Dow Jones has been up five days this week - its best week in more than a year.
Dow Jones +0.66%. SP500 +0.94%. Nasdaq +1.38%. Small Caps +2.73%. Banks +3.07%
SP500
SP500 has had a great run this week. Now it is running into multiple resistance levels, horizontal resistance, 50-Day MA and the Kumo Cloud. Expect a pause or pull-back here.
Commodities.
Commodities Index -0.52%. Energy -1.71%. Base Metals +0.49%. Agriculture +0.72%. Gold +0.36%.
Overnight in the U.S., BHP +1.23%. Rio +0.77%. Woodside +0.47%.
Yesterday in Australia.
XJO was up strongly yesterday. XJO +1.14%. STW (ETF for XJO) +1.18%.
The Candle Volume for STW was very wide. Force Index and Volume are at very high levels. These volume studies suggest that STW (and XJO) are at or close to a short-term high.
STW is near a horizontal resistance level. Given overnight action in the U.S. that horizontal resistance level is likely to be hit - and that might result in a consolidation or pull-back in STW and XJO.
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