Finspiration Australia

         11/2/2023.  Finspiration Saturday Report.

XJO down, U.S. stocks mixed, Energy up, Base Metals down, Gold up.

Yesterday in Australia.

XJO was down -0.76% on Friday.  It closed below both the Conversion Line and Supertrend and is now in a short-term down-trend.  Yesterday's big fall will probably be followed by a much narrower range day on Monday.

Overnight in the U.S.

Dow Jones +0.5%.  SP500 +0.22%.  Nasdaq -0.61%.  Small Caps +0.24%.  Banks -0.12%.

SP500.

SP500 has finished below the Conversion Line but found support at the Supertrend.  That's in a no-man's land between short-term support and resistance.  Let's see which way this breaks.

Commodities.

Commodities Index +1.42%.  Energy +2.74%.  Base Metals -1.97%.  Agriculture +0.95%.  Gold +0.19%.

Bitcoin.

Bitcoin was down -1.43% overnight.

BTC is now down to a support zone. and remains above the 200-DMA.  RSI is sitting on the mid-line (50) which often acts as the dividing line between bull and bear.

Stochastic is oversold.  I'm thinking we'll see an upside move from here.

Finspiration Australia. Chart Analysis for Australian and International Stock Markets. + Bitcoin.

 19/10/22.  Overnight in America:  Indices up, but suffered intra-day reversal.

Dow Jones +1.12%.  SP500 +1.14%.  Nasdaq +0.9%.  Small Caps +1/16%.  Banks +1.04%.

Nasdaq was up +2.7% in early trade but finished up +0.9%.  That gives some idea of the magnitude of the reversal today.  Not pretty.

SP500.

SP500 had a strong gap-up open but reversed to give up some of the early gains.

The Index is now well above the Andrew's Pitchfork which is promising for the bulls, but now faces resistance from the Base Line of the Ichimoku system.  Expect some consolidation or small pull-back.

The Index remains in a down-trend (lower highs and lower lows) but the jump above the Pitchfork suggests that this down-trend is reversing to the upside, but it could be a long hard slog.

Commodities.

Commodities Index -1.08%.  Energy -1.67%.  Base Metals -0.73%.  Agriculture -0.15%.  Gold +0.22%.

This morning ASX futures were down -0.4% suggesting a weak opening.  But, after 90 minutes of trading, XJO is up +0.3%.

Bitcoin.

Bitcoin continues to languish in its sideways consolidation.  It remains below the Kumo Cloud and facing resistance of the Base Line which has held advances since late August.

The Kumo Cloud is becoming quite thin, which suggests that resistance would be easy to over come if a solid advance does occur.  Wait.