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

 23/6/22.  XJO up a little today +0.31%.

Today was another narrow range day much like Wednesday, except today finished on the plus side while Tuesday was down a bit.

Monday's action still looks bullish.

Indicators are so low that more upside seems likely, especially as the CCI has a good positive divergence.

Breadth remains poor - which is a negative.  Advances/Declines to day were 551/941.  Here's the Advances-Declines Chart:

This A-D Chart remains bearish.

Taking a contrarian view, the Stocks/Bonds chart is close to a two-year low.  Extremely low levels usually precede a reversion to the mean.  That suggests we could see a move up in Stocks relative to Bonds.

We're coming in to the end of the Financial Year in Australia.  We could see some funny business as Fund Managers square up their books to make their performance look a bit better.  This half year has been disastrous - so we could see some strange activity in the next week.

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

Overnight.

Major U.S. indices were flat overnight.

 Dow Jones -0.15%.  SP500 -0.13%.  Nasdaq -0.15%.  Small Caps -0.26%.  Banks -0.32%

SP500.

After Tuesday's big up move, Wednesday looks like a pause before the next move to the upside.

A break of Stochastic above 20 would be a short-term buy signal.

Commodities.

Commodities Index -1.78%.  Energy -2.03%.  Base Metals -0.99%.  Agriculture -1.21%.  Gold +0.4%

Iron Ore -1.5%.  Thermal Coal +0.5%.

Overnight Oz Futures +0.5%.

We might pull back some of yesterday's losses which now look like a move to pre-empt the overnight U.S. action.

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

22/6/22.   After a promising start today, XJO finished down today -0.23%.

XJP remains mired at the low end of its down-trend.  It remains very oversold so some upside seems likely.

We're in a bear market, so any upside is likely to be limited.

Five sectors were up today, but most were defensives.

Energy (XEJ) was up +1.52% and that dragged up Utilities (XUJ) +2.05%.  There were other factors at play in the increase in Utilities - the uncertainty about power supply seems to be stabilising.

Consumer Staples (XSJ) was up +0.53%.  Telecommunications (XTJ) up +0.19%.  Health (XHJ) up +0.22%.

The all important Financials (XXJ) down -0.39% and Materials (XMJ) down -0.19%.

In America, Dow futures are off 400 points or -1.58%.  That's not looking good for the overnight market or the Oz market tomorrow.

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

 22/6/22 Overnight.

Dow Jones +2.15%.  SP500 +2.45%.  Nasdaq +2.51%.  Small Caps +1.47%.  Banks +1.94%.

SP500.

This looks like a short-term bottom in the market.

Stiff resistance exists at around 3900.  SP500 finished at 3765.  Last night's rise was about 90 points.  So the Index might have another couple of days to the upside.

Commodities.

Commodities Index -0.24%.  Energy +0.47%.  Base Metals +1.15%.  Agriculture -1.1%.  Gold -0.37%.

Iron Ore -1.9%.

Overnight Oz Futures +0.7%.  Today ASX should build on yesterday's good gains.

Finspiration Australia. Chart Analysis of Australian and International Stock Markets

 XJO up strongly today +1.41%

The XJO shows a bullish engulfing candle.  That's usually a reliable signal.

The XJO is probably in a short-term upside move, a counter-trend rally.

The Index was very oversold (below 30) and the CCI shows a positive divergence.

So we can expect a few days to the upside.

Today eight sectors were up and three down.  That's a good breadth spread.

Financials (XXJ +2.65%) was one of the better results in the sectors.

That's a great bullish candle on the XXJ today - but it still has a lot of work to do to prove its bullish credentials.

Finspiration Australia. Chart Analysis of Australian and International Stock Markets

 Overnight.

NYSE closed overnight.

In Europe stocks rose strongly with EuroStoxx600 up +1%.  German DAX +1.06%.  Bank stocks up about +3%.  

DAX remains in non-trending mode with both Span A and Span B of the Kumo Cloud parallel to each other.  

Commodities.

Brent Crude Oil +0.9%.  Copper -0.3%.  Iron Ore -2.6%.  

In the U.K. BHP fell -1.6% and Rio -1%.  Those figures aren't too bad as in Australia yesterday BHP fell -5.3% and Rio -5.06%.

Overnight Oz Futures are up +47 points or +0.7%.

Yesterday in Australia, XJO down -0.64%, so our market on present indications should gain back most of yesterday's losses.

Finspiration Australia. Chart Analysis for Australian and International Stock Markets

 XJO fell for the seventh day in a row, down -0.64%.

The Index is very oversold with an RSI(14) at 21.6.  We rarely see figures that low on the XJO.

Seven Sectors were up and Four Sectors were down.  We have an unbalanced market which is good news for those in the bullish camp.

The worst performers today were Energy (XEJ -5.2%) and Materials (XMJ -4.6%).  

Best best performers today were Property (XPJ +3.6%), Consumer Discretionary (XDJ +2.8%) and Health (XHJ +2.4%). Financials (XXJ +0.6%) had a reasonably good lift today.

Volume fell to a three week low which might suggest that bears are losing interest in driving the market lower.

U.S. Equities market is shut for Juneteenth Holiday tonight.  That may have affected our volume today.