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

 29/9/22 Overnight.  BoE buys bonds.  Stocks rally.

Dow Jones +1.88%.  SP500 +1.97%.  Nasdaq +2.05%.  Small Caps +2.77%.  Banks +2.09%.

SP500.

SP500 responded well to the BoE actions (which flowed through to American bonds).  The current candle is a bullish engulfing candle which should result in further short-term upside action.

Commodities.

Commodities also responded positively to the action in Bond markets.  Commodities Index +2.78%.  Energy +3.43%.  Base Metals +2%.  Agriculture +0.85%.  Gold +2.08%.

Iron Ore -0.2%.

Overnight Oz Futures are gung-ho, up +1.5%.  Our market should follow the U.S. higher.

Bitcoin.

Bitcoin is currently down -0.87%.  The overall picture has changed, which is bearish.  Short-term it might produce some upside, but strong overhead resistance remains.  Any rally is likely to be sold into.

Finspiration Australia. Chart analysis for Australian and International Stock Markets. +Bitcoin.

 28/9/22.  ASX falls today after an early rise.

XJO finished down today -0.53%.  It continues to respect as support the lower edge of the expanding wedge.  The index remains oversold at 31.67.  The next move is likely to be to the upside.

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

 28/9/22.  After a positive start, ASX falls into negative territory.

Although down today, XJO continues to respect the lower edge of the descending expanding wedge.

Expect the next major move to be to the upside.

Bitcoin.

Bitcoin slid lower today, down -1.75%.  It remains bearish.

Unless you are a sharp intra-day trader, I think it is best to give Bitcoin a miss.  It is in a slow descending market.  Not a lot of opportunities for a medium term trader.

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

 28/9/22.  Overnight in America - choppy trading, mixed results in stocks.

Dow Jones -0.43%.  SP500 -0.21%.  Nasdaq +0.25%.  Small Caps +0.08%.  Banks -0.94%

SP500.

SP500 seems to be searching for a bottom.  

Last night, RSI finished extremely oversold at 26.86.  Below 30 is extremely oversold.  Stochastic remains in its oversold zone, it needs to get back above 20 before we have a chance of a solid rebound.

Commodities.  Like stocks - mixed results.

Commodities Index +1.07%.  Energy +1.72%.  Base Metals -1.13%.  Agriculture +0.2%.  Gold +0.2%.

Iron Ore -0.3%.

Overnight Oz Futures -0.7%.  

Bitcoin.

Bitcoin is currently up just +0.18%.

Looking at the chart, we can see long series of doji candlesticks - indicating little conviction by traders in direction of the crypto.  Occasionally there is a solid candlestick, but the chart is dominated by series of doji candles.

There seems to be little chance of a sustained bull market while interest rates continue to rise.

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

 27/9/22.  Oz stocks rise despite poor overnight leads from U.S. and Commodities.

XJO up today +0.41%,  That stemmed the flow of blood from yesterday's big fall.

Today's action is a narrow-range day, within the range of yesterday.  That is still indecisive.  It does, however, hold at the lower edge of the bullish expanding wedge.

Today's action is positive in the face of negative overnight action overseas.  ASX is probably pre-empting action tonight overseas.  XJO often takes pre-emptive action.  Expect a better night in overseas markets tonight.

Breadth today was poor.  Despite the positive finish Advance and Declines were 691/703.  NewHighs/NewLows 6/140.

Five sectors out of twelve were up today.  That explains the poor breadth numbers.  We need to see improvement in those numbers for a sustainable rally.

Best sectors today were:  Materials +2.6%, Energy +1.7%.  Consumer Discretionary +0.2%.  Consumer Staples +0.2%.  Information Technology +0.5%

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

 27/9/22.  Overnight in America.  Stocks fall again in America.

Dow Jones -1.11%.  SP500 -1.03%.  Nasdaq -0.6%.  Small Caps -1.52%.  Banks -1.83%.

SP500.

SP500 is now down for the fifth day in a row.  On the RSI it is extremely oversold at 27.2 and right at horizontal support of the June lows.

I'd expect the Index to bounce here.

Commodities.

Commodities continue to suffer along with stocks.  Commodities Index -2.33%.  Energy -2.73%.  Base Metals -2.31%.  Agriculture -1.63%.  Gold -1.15%.

Iron Ore +0.1%.

Despite poor overnight leads for stocks and commodities, the Australian market has opened higher.  After 25 minutes of trading, XJO is up +0.45%.  Materials and Energy have rebounded from yesterday's steep sell-off.

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

26/9/22.  XJO falls heavily again today.

 XJO fell today -1.6%.

The Index is very oversold with an RSI at 30.94 and Stochastic deep into its oversold zone (below 20).

The chart has reached the lower edge of its bullish descending expanding wedge, so there is a good chance that a counter-trend rally is likely.

Breadth was poor today, Advances 268, Declines 1217 for a net figure A-D of -949.  That's the worst result since 9 May this year.

New Highs today 7,  New Lows 204.  That's the worst result since 10 May this year.

XJO began a relief rally on 13 May.  So we are probably close to the end of this pull-back.

Defensive stocks came to the fore today, e.g.,  CSL +2.4%, COH 2.9%, WOW +2.4%, COL +1.96%.  But the market was smashed by big falls in resource stocks, BHP -5.2%, RIO -5.6%, Woodside -5%, Santos -7.28%.  Coal miners have been the best performers in recent times, but they also came under attack today, e.g., WHC -14.2%.

Five out of eleven sectors were up today, but the Materials were down -5.3% and Energy -6.3%.  Those two sectors were responsible for most of the damage today.

I'm expecting our market to be up tomorrow.