Overnight.
SP500.
Commodities.
Iron Ore -6.9%
XJO after 30 minutes down -0.82%.
XJO finished up +0.16%.
Today, XJO tried to rise above the 5/200 Day Moving Averages. That failed as last hour selling took down the XJO. Selling like that at key resistance is bearish.
Until XJO can climb above those two important resistances and the Ichimoku Cloud, it's best to wait.
Selling came in late in the day, around 2.50 p.m. (Eastern Summer Time). That seemed to coincide with reports about shelling by Ukraine of separatist forces in Eastern Ukraine. That could provide a pretext for Russia to invade those areas. Ukraine continues to be an unknown for markets.
Reporting season continues and today saw a couple of negative results which impacted the market. Wesfarmers (WES) was down -7.5%. Telstra down -4.2%. Those are two heavy-weight stocks in the ASX.
NewHighs-NewLows Cumulative still favours a bearish scenario:
While NH-NL Cum stays below its 10-Day Moving Average, it's best for long-term investors to stay defensive.
At the Beijing Winter Olympics, Canada defeated the U.S. for the gold medal in ice hockey. That may not mean much to Australians, but that rivalry is akin to the Ashes Cricket rivalry between Australia and England. Disclaimer. I have an affection for the Canadian team as my two children were born in Canada.
Overnight.
Major indices were well down for most of the trading session. A last hour rush to the upside erased most of the earlier losses.
SP500.
Commodities.
Iron Ore up +3%.
Overnight Oz Futures were up just three points which equates to no movement 0.00%.
In the U.S. last night, BHP up +1.79% and Rio up +1.85% despite both falling yesterday in Australia. So the big miners might do well today in Australia.
XJO up today +1.08%.
Those represent important resistance levels. XJO has to climb above those to prove its bullish credentials.
Best performing sectors today were all defensives. Consumer Staples (XSJ +1.72%). Health (XHJ +6.22%). Property (XPJ +3.09). We saw switching out of resources into defensives. XEJ -0.74% and XMJ -0.36%.
The good performance in Health was driven by a good result from CSL +8.51%. The Health Sector has been under a lot of bearish pressure recently. This might see a bullish rebound.
Overnight.
SP500.
SP500 has plenty of over-head resistance and still well below the Ichimoku Cloud.
Wait until we have clear evidence of a return to bullish conditions.
Commodities.
The safe haven premium in Gold is coming off with easing of geo-political tensions in Eastern Europe. That is also easing the Energy price.
Iron Ore down -8.8%. That will affect the price of the Ozzie big iron ore miners.
Overnight Oz Futures +1%. We should follow the U.S. higher this morning.
XJO was down -0.51% in choppy trading.
Today's candle is an "inside day" which suggests indecision despite the negative finish.
The current three-day action looks like a bull flag. So we could see some more upside here.
The Index continues to have longer term bearish signs. The chart remains below the 50/200-Day MAs and below the Ichimoku Cloud. If the XJO can break above those, we could see an explosive move to the upside.
I'm not expecting that as the bearish conditions suggest more downside. But it is a scenario to consider.
Imagine, for instance, that Russia pulls back from Ukraine. That could provide the impetus for a big move to the upside.
Overnight.
Major indices show some intra-day trading. PPO Histogram on the brink of going negative. This can go either way. Waiting on Ukraine?
SP500
The index is below all three major Moving Averages- 20/50/200 but above the Supertrend (1.5/7). This is fluffing about going nowhere in particular, but the overall picture remains bearish (below 200-DMA and Inchimoku Cloud).
Commodities.
Iron Ore -0.5%.
Overnight Oz Futures -0.9%.
We should open lower today.
Mixed Results in New York. Energy up. NAB ex-dividend today. Dow Jones +0.16%. SP500 -0.08%. Nasdaq -0.11%. Small Caps -0.07%. Banks -0...
