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

 30/9/22.  Overnight in America, stocks fall heavily

.

Dow Jones -1.54%.  SP500 -2.11%.  Nasdaq -2.84%.  Small Caps -2.09%.  Banks -1.57%.

SP500.

This action looks like a test of the recent low.  The index remains very oversold on the RSI at 30.97.  Stochastic remains in its oversold zone.

Good positive divergences remain on MACD Histogram and CCI which suggest a move to the upside is likely.  Just don't jump the gun.

Commodities.

Commodities Index -0.62%.  Energy -0.95%.  Base Metals +2.24%.  Agriculture flat +0.05%.  Gold flat -0.02%.

Iron ore flat. -0.1%.

Overnight oz Futures -0.4% - that guarantees a poor start to today's trading.  After 30 minutes of trading, XJO is down about -0.6%.

Bitcoin.

Bitcoin is currently up +0.3% in low conviction trading.

The chart has, however, formed a "saucepan bottom" which often translates into a momentum move to the upside.  Any counter-trend movement will probably be sold into.

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

29/9/22.  ASX up strongly today.

 Today was a strong up-surge off support.  The lower edge of the descending wedge is holding.

My turn date of 26/9/22 is also looking good.

We only have to look at overhead resistance, however, to see that progress from here-on will be turgid.

Expect a head-ache/hangover after today's excessive exuberance.  Tomorrow is likely to be moderate or to the downside.

Breadth today was good.  Advances/Declines came in at 920/446.  That's a very positive result.

No sectors were negative today.  The resources did best.  Energy +2.8%, Materials +2.2%.

Tomorrow might be down but momentum is likely to push the market higher for a few more days.

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%