Finspiration Australia. XJO down for second day.

 XJO down today -0.63%.

Today, XJO broke below both the Supertrend (1.5/7) and the Tenkan Sen.  Both of those are short-term sell signals.

Today three sectors were up.  Real Estate +0.12%, Utilities +0.12%, Consumer Staples +0.55%.  All of those are defensive sectors.

The sector most vulnerable to interest rate rises is the Information Technology Sector (XIJ), down today -3.42%.

I'm expecting more downside, but the 200-Day MA might provide support.

Finspiration Australia. Major U.S. Indices fall to 20-Day MA.

 Overnight.

Dow Jones -0.42%.  SP500 -0.97%.  Nasdaq -2.22%.  Small Caps -1.16%.  Banks -1.36%.

Today's action in the major indices saw gap down openings, leaving big island reversal patterns.

SP500.

SP500 chart is now showing two short-term sell signals.  It is below the Tenkan Sen (Conversion Line) and the Supertrend (1.5/7) has switched from bullish to bearish.

The index finished marginally below the 200-Day MA and, as noted above, is down to support of the 20-Day MA (not shown on this chart).  The Index is sitting on the top line of the "Cloud" so this could provide support.

Commodities.

Commodities Index -0.79%.  Energy -1.36%.  Base Metals -0.31%.  Gold +0.23%.

Iron Ore -1.4%.

None of the above looks positive for the Australian market today.  XJO after 40 minutes of trading is down -0.6%.  Every sector except Consumer Staples is currently negative.

Finspiration Australia. XJO down but not out.

 At one stage today, XJO was down -1.2%, but finished down -0.5%.  It clawed its way back off the canvas after receiving a knock-out blow in the early period of trading.

XJO fell below a couple of major supports, the 8-Day EMA and horizontal support but finished above both of those today.  Not a bad effort.

But, we do have the first real evidence of a pull-back with the Hull MA13 switching from yellow to blue, i.e. bearish.  That's the most short-term indicator on the index chart.

RSI has turned down and the CCI has been falling since mid March.  It is often early but rarely wrong.

Best performing sector today was Financials (XXJ) up +0.7%.  Without that, it would have been carnage on our market today.

In early overnight trading, Europe is down, Germany about -1% and UK -0.2%.  That may not be a good indicator of what will finally happen tonight as the Europeans are following the negative results rolling around the globe after the U.S. fell last night.  It all depends on the U.S. tonight.  But the intra-day buying in Australia was a positive.

Finspiration Australia. U.S. stocks and bonds both down. 6/4/22.

 Overnight.

Dow Jones -0.8%.  SP500 -1.26%.  Nasdaq +2.26%.  Small Caps -2.26%.  Banks -1.01%.

SP500.

Tuesday's fall eclipsed the good rise on Monday.  SPX has broken below the first line of support, the Tenkan Sen (Conversion Line).  Plenty of support lies nearby, the 200-Day MA and the top of the "Cloud".

Commodities.

Commodities Index -0.82%.  Energy -1.71%.  Base Metals +0.12%.  Gold -0.63%.

Iron Ore -0.2%.

Overnight Oz Futures -0.7%.

ASX should open on a weak note today.

Finspiration Australia. XJO up today but suffers late-day sell-off.

XJO up today +0.19%.

 XJO saw a lot of intra-day selling in the afternoon.  That continues a series of doji candle sticks which suggest this is a topping pattern.

The XJO starting falling around 2.30 p.m. announcement by the RBA of its interest rate announcement.  The RBA kept interest rates at their current historical lows but indicated they could raise rates in coming months.

Given the current elevated nature of the XJO rally, that was sufficient to produce a sell-off in the XJO.

Below is a daily chart of the XJO:

XJO starte is descent before mid-day - it probably sensed a negative tone to the RBA announcement.  When the announcement came out - the XJO tanked.

We've had a series of lack-lustre candles in recent days.  A down day would put out market into a serious decline.

Finspiration Australia. Major U.S. indices rise after Friday's big fall. 5/4/22.

Overnight.

Dow Jones +0.3%.  SP500 +0.81%.  Nasdaq +1.9%.  Small Caps -0.38%.  Banks -0.02%.

The Yield Curve remains inverted.  2Yr Treasuries at 2.42%.  10Yr Treasuries at 2.41%.

SP500.

Dip buyers came into the market and SP500 shows strong intra-day buying.  It has found support at multiple levels: 8-Day EMA, Tenkan Sen (Conversion Line) Supertrend (1.5/7) and top line of the "Cloud".

A strong up-day tomorrow will confirm the resumption of the bull rally.

Commodities.

Commodities Index +1.91%.  Energy +2.39%.  Base Metals -0.42%.  Gold +0.48%.

Iron Ore +1.3%.

U.S. Advances-Declines Cumulative.

A-D Line remains bullish, but momentum has slowed as indicated by the MACD Histogram which has flattened out.  That suggests we could be looking at another pull-back in the near future.

Overnight Oz Futures +0.6% but Oz big miners were down overnight, BHP -0.7% and RIO -1.57%.  If that flows through to Australia, it will put a damper on gains in the XJO.

 

Finspiration Australia. XJO up modestly. 4/4/20

XJO up today +0.27%.

 XJO is in a consolidation pattern at the top of its recent rally.  This is looking like topping action.

The market remains bullish - so any pull-back is likely to be bought.