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

 6/10/22.  Oz Market barely moved today.

XJO finished up today just +0.03%.

Breadth was mildly positive, Advances/Declines = 719/613.  53.91%.

Sector balance was lopsided with five out of eleven sectors positive.  Energy led the advance +2.2%.  Utilities tagged along for the ride, +1.1%.  Other sectors on the positive side, but without conviction, were:  Industrials +0.1%, Info Tech +0.2% and Materials +0.5%.

The fast Stochastic on my XJO chart is at 97.41, overbought, so the easy money for this rally has already been made.  There might be more upside, but don't expect a lot.

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

6/10/22.  Overnight in America, major indices down modestly.

 

Dow Jones -0.14%.  SP500 -0.2%.  Nasdaq -0.25%.  Small Caps -0.63%.  Banks -1.2%.

SP500.

SP500 opened lower and continued to fall until 10.30 a.m.  10.30 a.m. is often a key reversal time for American indices.  It then rose steadily to be modestly up at 3.15 p.m., then fell into the close at 4.00 p.m.

SP500 has found resistance at the 20-DMA and the last of the three Supertrend lines I have on this chart.

The index must get over those dual resistances to maintain this rally.  Even then, it faces major resistance at the 50-DMA.

Commodities.

Commodities continued to rise strongly last night.  Commodities Index +1.79%.  Energy +2.78%.  Base Metals +0.79%.  Agriculture +0.6%.  Gold fell at the 50-DMA, -0.56%.

ASX has opened modestly lower this morning.  After 45 minutes of trading it is down -0.27%.  Only two sectors are up, Energy and Utilities.  Energy is up strongly.  Utilities often tags along with Energy, but is only up marginally.

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

5/10/22.  ASX up strongly today following good overnight results in America.

 XJO up today +1.74%, led by Information Technology +3.9% and Consumer Discretionary +2.7%.  Ten of eleven sectors were up.  Consumer Staples was down but only marginally, -0.04%.  Breadth was again strong, Advances/Declines = 884/494.

XJO is now close to the 50-Day MA and the upper restraining trend-line of an expanding wedge.  Tomorrow is likely to be up but those two resistances are likely to slow the market.

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.