Fri. a.m. 10/12/21.  Major U.S. Indices fall, VIX back above 20.

Overnight.

Dow Jones -0.00%.  SP500 -0.72%.  Nasdaq -1.71%.  Small Caps -1.65%.  Banks -0.15%.

SP500.

Major resistance proved too much for the SP500.

Despite the fall, the short-term trend remains up.  The index finished at the short-term line (about 3-Day MA).  Nearby support lies at minor horizontal support of 4650 and the 8-Day EMA.  If those hold and we get a bounce, then another test of major resistance is likely.

Commodities.

Commodities Index -1.52%.  Energy -1.91%.  Base Metals -0.71%.  Gold -0.61%

BHP was down in both the UK and US but holding above the 200-Day MA.  Rio was up in both the UK and US.

Iron Ore -0.3%.

Overnight Oz Futures -0.1%.

Stock Market Analysis

 Thur. p.m. 9/12/21.  A great day for watching the cricket.

XJO down modestly today in choppy trading -0.28%.

For over two months, XJO has been in a wide range 7169-7471.  XJO is now in the top quarter of that range.  A test of the top at 7471 seems to be inevitable.  XJO finished today at 7385.

We've seen an improvement in the Cumulative Advances-Declines, but not enough to take it back above the 10-Day MA.

Despite XJO falling today, VIX also fell, and substantially.  A substantial fall in VIX while XJO also falls often results in a positive result next day.

At this stage, the short-term trend on the XJO is up.  The medium-term trend is sideways, and the long-term trend is up.  On balance, I'd stay with the long-term trend.

Stock Market Analysis

 Thur. a.m. 9/12/21.  Major U.S. Indices positive results.  Europe down.

Overnight:

Dow Jones up a little +0.1%.  SP500 +0.31%.  Nasdaq +0.64%.  Small Caps +0.46%.  Banks -0.84%.

European STOXX600 -0.59%.

SP500.

Last Night's Action takes the SP500 up to major horizontal resistance.  We may see consolidation or a pull-back here.  That will probably provide a "buy-the-dip" opportunity.

Commodities:

Commodities Index +1.34%.  Energy +2.01%.  Base Metals +1.29%.  Gold +0.05%

BHP and RIO were down last night on both the UK market and the US market.

Overnight OZ Futures down -0.36%.

It seems the Oz market be consolidating today.  It could, however, be more positive than negative given the positive results in the U.S.

 Wed. p.m. 8/12/21.  Another strong day for the XJO.

XJO up today +1.25%.  That's the best result in over two months.

Supertrend (1.5/7) is bullish switching from blue to yellow.  Short-line is above both the 8-Day EMA and the medium-term line.

Schaff Trend Cycle has turned bullish.

We've now had four up days in a row with the past two days very strong.  XJO is at a minor resistance level, so we might see some consolidation here, but this looks destined to test major horizontal resistance at 7472.  XJO finished today at 7405.

 Wed. a.m. 8/12/21.  Strong rally in Stocks continues.

Overnight:

Dow Jones +1.4%.  SP500 +2.07%.  Nasdaq +3.03%.  Small Caps +1.45%.  Banks +1.51%.  Nasdaq has its best day since March.

European stocks were also up strongly with the STOXX600 up 2.5%.

SP500.

SP500 gapped up at the opening, then kept going for most of the session.  Supertrend (1.5/7) has switched from blue to yellow - a strong buy signal.  The short-term line has crossed above the 8-Day EMA and the medium-term line - bullish.  

Commodities:

Commodities Index +1.51%.  Energy +1.8%.  Base Metals +0.77%.  Gold +0.35%.

Stochastic Indicators for DBC, DBE and DBB are all now on buy signals.  Stochastic buy for Gold appears to be imminent.

Iron Ore +8.1%.

Overnight Oz Futures +0.3%.

The Oz market should build on yesterday's good result.

 Tue. p.m. 7/12/21.  XJO rose strongly today.

XJO Daily Chart:

XJO up today +0.95%, its strongest rise for nine weeks.  It was helped today by good rises in the U.S. last night and a favourable interest rate announcement by the reserve bank.

That bounce today off the 200-Day MA is bullish.  XJO is now back to horizontal resistance where we might see consolidation.  If it breaks through to the upside tomorrow that would suggest that the XJO is in a strong medium-term rally.  

Did somebody say they could hear sleigh bells ringing?

 Tues. a.m. 7/12/21.  U.S. indices advance strongly.

Overnight:

Dow Jones +1.87%.  SP500 +1.17%.  Nasdaq +0.93%.  Small Caps +2.41%.  Banks +1.93%.

Four out of five of the above indices have given buy signals with Stochastic rising above 20.  The only index not giving a buy signal is Nasdaq, and that appears to be imminent.

SP500.

The short-term trend remains bearish despite today's good number.  Stochastic (not shown on this chart) has given a short-term buy signal so the situation is ambiguous.

Last night, SP500 bounced strongly off the 50-Day MA and above horizontal support.  That's also bullish.

Aggressive traders will go long, more cautious traders will wait for further confirmation.

Commodities.

Commodities Index +1.74%.  Energy +3.8%.  Base Metals +0.29%.  Gold -0.25%.

Iron Ore +1.9%.

Overnight Oz Futures +0.4%.

Oz market should be stronger today.

Reserve Bank interest rate decision to be handed down later today.