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

 4/10/22.  ASX Today - Whooshka!!.

XJO up today a massive +3.75%.  The ASX felt the impetus of two strong forces today.  First, the U.S. stocks and commodities are an exceptional night, then the RBA raised interest rates by less than expected.  The expectation was for 50 basis points, but the result today was only 25 basis points.

Of the two hundred XJO stocks today, only one was down and 199 were up - an extra-ordinary result.

XXJ (Financials) up 4.2% and XMJ up +4.5%.  Those are the two biggest sectors in our market.  XIJ (Information Technology) +4.9%.  The weakest sector was Health, still up strongly +1.9%.

Today's action looks like a short-covering rally which should last for a few days.

I won't be able to do a report tomorrow morning.

Good luck and stay safe.

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

 4/10/22.  In America, stocks up very strongly overnight.  RBA decision later today.

Dow Jones +2.66%.  SP500 +2.59%.  Nasdaq +2.27%.  Small Caps +2.64%.  Banks +3.01%.

All eleven NYSE sectors were up.  The rally was driven by bullish energy stocks.

SP500.

This looks like the beginning of a tradable counter-trend rally.  Positive divergences on indicators support that view.

Plenty of over-head resistance remains which will probably slow the advance or cause a reversal.

 Interesting tit-bit from Sentiment Trader:  "Dumb Money Confidence is very pessimistic and Smart Money Confidence is extremely optimistic. This suggests an excess return of 4.4 over the next 2 months" 

Commodities.

Commodities Index +2.26%.  Energy +3.18%.  Base Metals +1.06%.  Agriculture +0.2%.  Gold +2.43%

After 80 minutes of trading today, XJO is up very strongly, +2.3%.

Bitcoin.

Bitcoin is up +0.26%.  Trading continues to lack conviction.

The saucepan bottom is still in play, so a run to the upside is probable.

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

 3/10/22.  RBA Interest Rate Announcement tomorrow.

XJO down a little today -0.27%.  Trading was affected by public holidays in some states.

XJO remains mired at the low end of its down trend.

Breadth was poor today.  Three of eleven sectors were up - Energy, Utilities and Property.  Advances/Declines came in at 439/881.  VIX rose to its highest level since late January, 2022.  That correlated with the end of the January plunge.  Whether or not history is repeated will depend on the RBA decision and the accompanying explanation.

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

1/10/22/. American stocks continue to tumble.

 Dow Jones -1.71%.  SP500 -1.51%.  Nasdaq -1.51%.  Small Caps -0.65%.  Banks -0.84%.

SP500.

SP500 is again extremely oversold with an RSI at 28.47 but showing a small positive divergence.

Stochastic remains in its oversold zone.  While it remains in that oversold zone, it is best to resist the temptation to re-enter the market.

A big positive divergence remains on MACD Histogram, that continues to suggest that SP500 is reaching for a bottom and a sustained counter-trend rally is possible.

Commodities.

Commodities continue to suffer along with stocks.  Commodities Index -1.24%.  Energy -1.74%.  Base Metals -2.08%.  Agriculture -0.65%.  Gold flat +0.01%.  The long upper wick on the Gold candle suggests intra-day selling after Gold tested the 20-Day MA.  Not a good sign for Gold.

Yesterday in Australia.

XJO fell heavily yesterday -1.23%.  It remains in a consolidation pattern after hitting the lower edge of the expanding wedge on Monday.  Until XJO breaks above the upper edge of the expanding wedge, it is best to stay on the sidelines.

Bitcoin.

Bitcoin is up +0.19% in low conviction trading.  The chart has formed a "saucepan" bottom which could lead to a counter-trend rally.  Just don't expect too much from it.

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.