Major American indices continue to consolidate, but Small Caps continue to fall.
Dow Jones -0.12%. SP500 +0.1%. Nasdaq +0.08%. Small Caps -0.92%. Banks -0.36%.
SP500
SP500 is having difficulty pushing up past the Point of Control and the Value Zone of the Volume Profile.
Volume has fallen away. Unless volume can pick up to push the Index higher, the path of least resistance is to the downside.
On the plus side, consolidation is taking place above the 50-Day MA. Wait to see which way this breaks.
Commodities.
Energy continues to fall heavily, down -1.85%, which should be a positive for stocks, but it hasn't been happening. Energy is now oversold with an RSI at 33. If Energy reverses to the upside, that would be a negative for American stocks.
Commodities Index -1.11% {pulled down bt Energy). Base Metals -0.17%. Agriculture +0.45%. Gold -1%.
After 30 minutes of trading this morning, XJO is up +0.4%. Health (XHJ) is leading the way up >1%.
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