Fri. a.m. 24/12/21.  SP500 closes at new record high.

Overnight:

Dow Jones +0.55%.  SP500 +0.62%.  Nasdaq +0.85%.  Small Caps +0.61%.  Banks +0.58%.

SP500.

SP500 finished with a record closing high, but not an all time intra-day high.  So it is lying within a fuzzy horizontal resistance area.  Everything else is bullish.  Stay with the trend.

Commodities.

Commodities Index +0.54%.  Energy +0.96%.  Base Metals +0.27%.  Gold +0.23%.

Iron Ore +0.9%.

After 30 minutes of trading, XJO is up 0.6%.

 Thu. p.m. 23/12/21.  XJO rose modestly today.

XJO was up +0.31%, but remains doggedly within its trading range of the past four months.

Monday's bounce off the 200-Day Moving Average opens up the possibility that XJO is in a rising right-angle triangle.  A break through horizontal resistance would be bullish.

Currently, stocks are preferred to bonds.  So we do have a bias to risk-on for stocks according to this ratio.

Tonight is the last trading session for the U.S.  Tomorrow in Australia we have a shortened trading session.  It is usually accompanied by low volume - which opens up the possibility of sudden movements in the index one way or the other.  Tomorrow could be interesting.

 Thu. a.m. 23/12/21.  U.S. stocks rise for second day.

Overnight.

Dow Jones +0.74%.  SP500 +1.02%.  Nasdaq +1.18%.  Small Caps +1.11%.  Banks +0.39%.

SP500

SP500 remains within its trading range.  The short-term V-shaped recovery looks promising.

The Index is approaching overhead resistance.  If that can be broken, we should see much more upside.

Commodities.

Commodities Index +1.48%.  Energy +1.09%.  Base Metals +1.84%.  Gold +0.94%.

Iron Ore -1%.

After an hour of trading this morning, XJO is up +0.44%.  

The big miners are under some pressure today with RIO flat, but both BHP and FMG are falling.

 Wed. p.m. 22/12/21.  XJO stagnates.

It doesn't take a genius to see that the XJO has been drifting sideways for more than three months.

Today the XJO was up just +0.13% stifling any hopes of a continuation of the short-term trend to the upside after strong American data,

Unless you are a clever short-term trader, these sorts of markets are best to avoid.

On the positive side - the bias is still to the upside with a rising 200-Day MA.  

 Wed. a.m. 22/12/21.  U.S. rebounds strongly.

Dow Jones +1.6%.  SP500 +1.78%.  Nasdaq +2.4%.  Small Caps +2.94%.  Banks +2.65%.

SP500.

The two-day candle-stick pattern is a kicker pattern, a very strong pattern, which, coming at the end of a down-trend almost invariably signals the end of the down-trend.  The short-term trend is now up - stay with the trend.

Commodities.

Commodities Index +2.11%.  Energy +2.86%.  Base Metals +2.5%.  Gold -0.04%.

Iron Ore +0.5%.

Overnight Oz Futures +0.15%.

We should have a positive day today, but we were up strongly yesterday - pre-empting the rise in America.  So, our XJO may not have a very strong day today despite the American strength.

 Tue. p.m. 21/12/21.  XJO up strongly today.

When the U.S. falls and we start on a positive note, we usually have a bullish day.  That's what happened today.  SP500 down overnight -1.14% but XJO up +0.3% after 15 minutes.  XJO finished up +0.86%.

 That's a great looking daily candle on the chart, but it doesn't change much.  The down-trend line from 8 Dec. hasn't been broken to the upside, and the chart remains within its wide trading range.

Like the indecisive chart above, the NewHighs-NewLows Cumulative chart remains in a sideways trend:

This chart usually trends strongly one way or the other.  I wouldn't be tempted to enter new large positions until we see a more definitive trend to the upside.

 Tue. a.m. 21/12/21.  U.S. stocks fall again.

Dow Jones -1.23%.  SP500 -1.14%.  Nasdaq -1.24%.  Small Caps -1.51%.  Banks -2.16%.

SP500.

From 7 December, SP500 has been in a choppy sideways range.  Last night it found support at the 50-Day Moving Average, so the odds are good for a bounce to the upside.

Commodities.

Commodities Index -0.7%.  Energy -1.04%.  Base Metals -0.8%.  Golds -0.42%.

Iron Ore +4.2%.

Overnight Oz Futures +0.1%.

After 20 minutes of trading today, XJO is up +0.3%.