Finspiration Australia. Chart Analysis of Australian and International stock markets.

 28/5/22 Yesterday in Australia.

XJO remains in a bearish PRT band and sitting at horizontal resistance at 7813.  Given events overnight, XJO is highly likely to breach resistance and could be above the Medium Term Line of the PRT Bands.

Overnight.

Dow Jones +1.76%.  SP500 +2.47%.  Nasdaq +3.33%.  Small Caps +2.31%.  Banks +1.27%.

SP500.

SP500 has completed a double bottom and is above its Mid Line.

It remains in a bearish PRT Band, with a major resistance level just over-head at 4170.  That might result in some consolidation, but further ahead is looking likely, with the next target at 4306.  

Commodities.

Apart from Gold (flat +0.05%),  Commodities had good rises overnight in sync with equities.

Commodities Index +1.19%.  Energy +1.5%.  Base Metals +1.62%.  Agriculture +0.63%.

NY Advances-Declines Line.

NY A-D Line is in a clear short-term up-trend above both the 10DMA and 20DMA.   10DMA x-over above the 20DMA is imminent.  That's a bullish indicator.

Finspiration Australia. Chart Analysis of Australian and International Stock Markets.

 27/5/22.  Overnight.

Dow Jones +1.61%.  SP500 +1.99%.  Nasdaq +2.69%.  Small Caps +2.11%.  Banks +2.42%.

SP500.

SP500 is coming up to the first line of horizontal resistance at 4087.  The current momentum should be enough to overcome that.  The next line of horizontal resistance is at 4176 which might be harder to overcome.  That's a major resistance level and coincides with the Kijun Sen (Base Line) of the Ichimoku.  Together, they will provide stiff resistance to further upside.  But we'll deal with when, and if, it happens.

Commodities.

Commodities Index +1.09%.  Energy +1.79%.  Base Metals -0.09%.  Agriculture +1%.  Gold -0.19%.

Commodities Index is at a major horizontal resistance zone.  If it can overcome that we should see much higher prices.  Some commentators are talking about a Commodities Super-Cycle.  We could be seeing the beginning of that.

Iron Ore -0.7%.  Thermal Coal -0.4%.

After 10 minutes of trading, XJO is up +1.2%.  Information Technology and Consumer Discretionary are doing best.  These are risk-on sectors, which is a good pointer to further upside.

Finspiration Australia. Chart Analysis of Australian and International Stock Markets.

 26/5/22.  XJO fell today.

XJO fell today -0.69%.  It has broken down from a horizontal resistance level at 7170.  XJO finished today at 7105.9.  That fall coming at resistance is not encouraging.

Some time ago I mentioned that I had a turn date of 26/5/22 based on W.D. Gann timing principles.  I'm never very confident about such projections, but this one looks likely to succeed.

Finspiration Australia. Chart Analysis for Australian and International Stock Markets.

26/5/22.  Overnight.

Dow Jones +0.6%.  SP500 +0.95%.  Nasdaq +1.51%.  Small Caps +2.05%.  Banks +1.66%.

SP500.

SP500 continues to consolidate at the low end of the current down-trend.  

Positive divergences on indicators in the lower panes suggest the next move will be up.

Commodities.

Commodities Index +0.71%.  Energy +1.65%.  Base Metals -0.52%.  Agriculture -0.5%.  Gold -0.6%.

Iron Ore +0.2%.  Thermal Coal -0.8%.

Overnight Oz Futures were up modestly +0.2%.

 

Finspiration Australia. Chart Analysis for Australian and International Stock Markets.

 25/5/22.  Yesterday in Australia.

XJO was down -0.28%.  It remains in the Blue Band on the PRT Bands (bearish), oscillating around the Short-term Line and below the Medium-Term Line.  

The index remains in its wide trading range, so we'll probably see some more upside.

Overnight.  Mixed results in the U.S.

Dow Jones +0.15%.  SP500 -0.81%.  Nasdaq -2.35%.  Small Caps -1.11%.  Banks -0.52%.

Technology stocks were adversely affected by a drop of >40% in Snap which reverberated through other social media stocks.

SP500.

SP500 is at the low end of the bearish, blue PRT Band.  The positive divergence on the CCI keeps promising a move to the upside, but the Index has a lot of work to do before becoming bullish.

Commodities.

Commodities Index flat -0.07%.  Energy +0.25%.  Base Metals -0.91%.  Agriculture continues its down-trend -1.2%, but mind find support here.  Gold +0.75%.

Iron Ore -0.9%.  Thermal Coal -0.9%.

The XJO has opened up a little +0.2%.

BHP has opened down almost -10%; that's related to its merger with WPL.

Inspiration Australia. Chart Analysis of Australian and International Stock Markets.

24/5/22.  Overnight.

 Dow Jones +1.99%.  SP500 +1.86%.  Nasdaq +1.59%.  Small Caps +1.07%.  Banks +4.08%.

That move by the Banks takes the Index back up to the 20-DMA where it has failed before.  A decisive move up above the 20-DMA would be encouraging for the bulls.

SP500.

Monday's action shows follow-through buying from the intra-day buying on Friday.  

All lower indicators show positive divergences, with the double divergence on MACD and Histogram a very bullish sign.

Commodities.

Commodities Index +0.75%.  Energy +0.88%.  Base Metals +0.96%.  Agriculture +0.9%.  Gold +0.47%.

Iron Ore -0.1%.  Thermal Coal -0.3%.

After 10 minutes of trading on the ASX, XJO is flat, up just 0.04%.

Finspiration Australia. Chart Analysis of Australian and International Stock Markets.

Australia is in a new era after nine years of Liberal/National governance, Labor has taken control and Anthony Albanese is now Prime Minister.  Historical data from Commsec suggests the market will be up one week and three weeks after the election.  As always, history is no guarantee of gains in the future.

Today, the XJO was flat.  Up +0.05%.

 XJO remains knocking on the door of an upside trend change.  Today's tombstone candle which indicates intra-day selling isn't a vote of confidence.

We need to see all three Supertrend Lines into yellow.  Currently we've got two yellow and one blue.

MACD is also knocking on the door of a trend change.  We need to see that histogram change from blue to yellow.

Hopefully we will see three yellow in the near future.  But hope doesn't work in the market.  Let's wait and see how it pans out.