Finspiration Australia. Yesterday, XJO flat, U.S. Indices up a little. 2/4/22

Yesterday in Australia.

XJO finished down just -0.08%

 Yesterday was a narrow range day, barely moving from the finish of the previous day.  

The up-trend is still intact,  Plenty of downside support remains.

Overnight.

Intra-day buying took the three major indices into positive territory.

Dow Jones +0.4%.  SP500 +0.34%.  Nasdaq +0.29%.  Small Caps +0.97%.  Banks remain under pressure, -1.26%.

SP500.

 Intra-day buying took the SP500 into positive territory and bounced off the first line of support.

This may be the end of the short-term pull-back.  We need to see confirmation of an upside day on Monday.

Commodities.

Commodities Index +0.65%.  Energy +1.43%.  Base Metals +0.97%.  Gold -0.64%

Energy and Base Metals are in consolidation patterns.  This could go either way, but more likely up than down.

Those overnight results look good for a mildly positive opening in Australia on Monday.

New York Advance-Decline Line.

The Advance-Decline Line for the New York Equities is in an up-trend.  That's positive for the near-term future of the U.S. market.

Finspiration Australia. U.S. equities down heavily.

Overnight.

 Dow Jones -1.56%.  SP500 -1.57%.  Nasdaq -1.54%.  Small Caps -1.04%.  Banks -3.09%.

SP500.

SP500 is in a short-term down-trend.  Let's see if it gets support at the 200-Day MA which is close by.

Commodities.

Commodities Index -1.85%.  Energy -2.62%.  Base Metals -1.26%.  Gold +0.04%.

Iron Ore was flat, down just four cents to $150.84 tonne.

After an hour of trading, XJO has rebounded from early big falls.  It is now down -0.09%.  That's a promising start to the day.

Finspiration Australia. XJO suffers an intra-day reversal.

 XJO finished down today -0.2%, breaking a surge of seven up days.  XJO was up early in the day, but an afternoon reversal cratered the index.

XJO has bad a great run recently so a pull-back is not to be unexpected.  The negative divergence on the CCI has been signalling the possibility of a pull-back.

XJO has plenty of down-side support.  So any pull-back is likely to be bought.

Nine sectors were down today.  The stalwart in the market was Materials, up +1.5%.

Finspiration Australia. U.S. equities down. Tech hard hit.

 Overnight.

Dow Jones -0.19%.  SP500 -0.63%.  Nasdaq -1.21%.  Small Caps -1.84%.  Banks -2.21%.

European stocks also fell, with STOXX600 down -0.4%.

SP500.

Last night's action looks like the start of a pull-back portended by the negative divergence on the CCI.  Traders will look to buy the dip - a likely support is the Ichimkoku Cloud and the 200-Day MA.

Commodities.

Commodities Index +1.8%.  Energy +1.91%.  Base Metals +2.23%.  Gold +0.8%.

Iron Ore +0.4%.

Those good Commodity and IO figures should give Ozzie resources a boost today.

Overnight Oz Futures are up a little, 10 points or +0.1%.

Overnight, BHP was up +3.1% in the U.S. after falling yesterday in Australia just a little -0.08%.

Finspiration Australia. XJO up again today.

XJO up today +0.67%.

XJO is in a strong up-trend.  The question is:  How much longer can this up-trend continue?

Today was the seventh day up in a row.  RSI is now pressing on overbought.  RSI now 69.83.  Overbought is considered above 70.

CCI continues to show a negative divergence.  It is often early, but rarely wrong.

This strong rally is close to an exhaustion point.
 

Finspiration Australia. U.S. equities rise strongly. 30/3/22.

 Overnight.

Dow Jones +0.97%.  SP500 +1.23%.  Nasdaq +1.94%.  Small Caps +2.39%.  Banks +0.9%.

SP500.

SP500 opened with a gap up and continued higher for most of the day.  Ichimoku Indicators are all bullish.

I'm no Elliott Wave expert, but this looks to me like Wave 5 (ending wave) of a five wave impulsive move.

CCI maintains a negative divergence, but RSI still hasn't hit oversold, so there could be more in this yet.

Commodities.

Commodities Index up +0.38% on the back of stronger Energy +1.73%.

Base Metals fell -1.8% but seems to be finding support at the 20-Day MA.  Gold +0.04%, rose intra-day after finding support at the 50-Day MA.

Iron Ore +0.2%.

After 40 minutes of trading this morning, XJO is up +0.7%.  Sector doing best is Information Technology +3.2%.

The market seems to have no concern about the impending interest rate rises.

Finspiration Australia. XJO up six days in a row. 29/3/22

 XJO up today +0.7%.

XJO continues its bullish rally and is clearly in a bullish PRT Zone.

RSI is getting close to overbought and a negative divergence on CCI portends a pull-back in the near future.

XJO is now at a major horizontal resistance level.  It may pause here, but another test of the early January high may be in the offing.

Stocks/Bonds Ratio chart continues to rise to levels not seen for many months.  So a pull-back in stocks is not far off.

Breadth continues to be bullish.

I'm concerned by this chart.  Although bullish, the chart is not particularly strong.  It appears to be in a sideways consolidation, not in keeping with the XJO chart.  That's a concern.