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

 Yesterday in Australia.

After a weak start, XJO climbed higher to finish up +0.77%.

The chart show a short-term buy signal on the Hull MA13.  

RSI(14) is back above the 30 level which is another short-term buy signal.

Yesterday saw the best breadth figures for the ASX since early March.  Advances 988, Declines 476.  Net A-D = 512.  9/3/22 saw a Net A-D of 523.  That kicked off a rally which saw the XJO rise by 9% finishing on 21/4/22.  I'm not suggesting that we will see something similar this time, but it is promising.

Yesterday's move brings the XJO up to the first line of horizontal resistance and the 8-Day EMA.  Given events overseas last night, those two resistance levels will probably be overcome taking the XJO up to the Tenkan Sen (Conversion Line) of the Ichimoku system.

XJO is in a counter-trend rally - until proven otherwise.  Until the chart gets back above the Kumo cloud, rallies will probably be sold into at key resistance levels.

Overnight in the U.S.

Dow Jones +2.68%.  SP500 +3.06%.  Nasdaq +3.34%.  Small Caps +3.1%.  Banks +4.44%.

SP500.

SP500 has given short-term buy signals on the Hull MA13 and 8-DEMA.

Wide positive divergence on Money Flow Index was a leading indicator for the current move to the upside.

Last night's big move brings the SP500 up to a horizontal resistance level and resistance of the Kijun Sen (Base Line) of the Ichimoku system.  We might see some consolidation here.

Commodities.

Results in Commodities were mixed.

Commodities Index +0.95%.  Energy +1.45%.  Base Metals continued their long fall -1.71%.Agriculture +0.34%.  Gold flat -0.1%.

Monday should be good.  XJO++.

Finspiration Australia. Chart Analysis for Australian and International Stock Markets

 24/6/22.  U.S. Indices finish higher pushed up in afternoon rally.

Dow Jones +0.64%.  SP500 +0.95%.  Nasdaq +1.62%.  Small Caps +0.84%.  Banks -1.35%.

Notice how the Banks fell while Nasdaq rose, that suggests that Bond yields fell (Bonds higher).  10 Year T-Note fell to 3.002%.

SP500.

SP500 could be forming a small H/n/S pattern with Stochastic breaking above 20 - that suggests we will see higher prices in the near future.  But SP500 is already running into its first level of resistance.  On Ichimoku that's the Tenkan Sen (Conversion Line) and above that is the Kijun Sen (Base Line.  Kijun Sen coincides, more or less, with the 20-Day MA.  That could be the stumbling block for the SP500.

Conditions remain bearish while the SP500 remains below the Kumo Cloud.  Don't expect too much from any rally.

Commodities.

Commodities Index -2.24%.  Energy -1.89%.  Base Metals -2.57%.  Agriculture -3%.  Gold -0.61%.

Iron Ore +1.8%.  Thermal Coal +1.4%.

Overnight Oz Futures -0.2%.  ASX will probably open flat today.

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.