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

  6/1/23.  Finspiration Friday Morning Report.

U.S. down.  Europe Up.  Energy down.  Gold down.  Bitcoin flat.

Dow Jones -1.02%.  SP500 -1.1%.  Nasdaq -1.47%.  Small Caps -0.88%.  Banks -1.1%.

It was a case last night of:  "Good news is bad news."  Jobs reports last night were good - which means the Fed will keep on raising interest rates, bad news.

SP500.

SP500 remains in a sideways consolidation and below the down-sloping 20-Day MA.  RSI and Stochastic RSI remain below their mid-lines.  Wait.

Commodities.

Commodities Index -0.51%.  Energy -0.52%.  Base Metals +0.84%.  Agriculture -0.25%.  Gold -1.25%.

Gold appears to be headed back down to support of the 20-Day MA.

Gold.

Gold is falling from the top of its trend channel.  If it comes back to support of the 20-Day MA - it will probably bounce there.

Bitcoin.

Bitcoin +0.15%.  Bitcoin is in a long sideways consolidation.  Wait.

After 45 minutes of trading this morning, XJO is up +0.3% and looks like heading higher.

5/1/2023. Finspiration Report, Thursday Evening.

XJO finished flat today, +0.06% after yesterday's big rise, up +1.63%

XJO Daily Chart.

Today's action was stopped by the resistance of the 20-Day MA and the restraining line of the down-trending channel.  Not a great sign.  

A move by Stochastic RSI above its mid-line could be a "buy" signal.

The best performing sector today was Discretionary (XDJ) following on from recent relatively good performance.

There is still no sign, however, that this is in a bullish trend.

XJO One-Day Chart.

XJO opened up higher today, but quickly fell away and basically drifted sideways till the end of trading.  

Hong Kong up +1.25% today after its big rise yesterday, +4%.  

European stocks have opened lower, with STOXX600 down -0.25%.  Dow Futures -0.24%, following Europe to the down-side. 

Inspiration Australia. Chart Analysis for the Australian and International Stock Market.

 5/1/23.  Finspiration Thursday Morning Report.

U.S. and Europe Positive.  Energy Down.  Gold up.  Bitcoin up.

Dow Jones +0.4%.  SP500 +0.75%.  Nasdaq +0.69%.  Small Caps +1.2%.  Banks +2.31%.

The major indices (DJ, SPX, NDX) aren't showing any real sign of direction.  Only the banks look really strong in the New Year.  That looks like the place to be.

SP500.

SP500 remains in a sideways consolidation and within the Kumo Cloud.  That's the no-trade zone. 

RSI and Stochastic RSI remain below their mid-lines.  Wait.

Commodities.

Commodities Index -1.79%.  Energy -2.85%.  Base Metals -0.98%.  Agriculture -1.2%.  Gold +0.94%.

Gold.

Gold is up to the top of its trend channel.  Expect a pull-back.  If it comes back to support of the Supertrend Line and bounces that would be very bullish.

Bitcoin.

Bitcoin +0.97%.  Bitcoin is above the Conversion Line but below the Base Line and the Supertrend.  It is in a modest up-trend which is unlikely to last for long.

4/1/2023. Finspiration Report, Wednesday Evening.

All yesterday's losses were recovered today + a bit more on top.  Nice.  XJO up +1.63%

XJO Daily Chart.

Today we have a bullish engulfing candle bouncing off the 50% retracement line.

A move by Stochastic RSI above its mid-line could be a "buy" signal.

XJO One-Day Chart.

Once the XJO got going today - there was no stopping it - right through to the end. 

Hong Kong up +3% today.  

European stocks have opened higher, with STOXX600 up +0.94% 

Dow Futures are up modestly, +0.34%.

  Chart Analysis on this Blog is purely descriptive.  It is written for informational and educational purposes and should not be taken as financial advice.  Do your own research or seek advice from a Registered Financial Advisor.

24/12/22.  Finspiration Wednesday Morning Report.

Overnight:  Dow Flat, Nasdaq down, Europe up, Commodities down.  Bitcoin down.  

 

Dow Jones -0.03%.  SP500-0.4%.  Nasdaq -0.76%.  Small Caps -0.17%.  Banks +0.61%.

U.S. market opened higher following Europe, but then collapsed.  A late afternoon rally eased the losses.

SP500.

The chart continues in the Kumo Cloud.  That's the "no trade" zone.  Plenty of overhead resistance remains.  A break above the base Line (red) would be a bullish signal.

Commodities.

Commodities Index -2.39%.  Energy -4.01%.  Base Metals-0.62%.  Agriculture -1.09%.  Gold +0.84%.

Gold is back to the top of its up-sloping channel.  Expect a return to the lower edge of the channel.

Iron Ore +5.56%.  That looks promising for oz big miners.

Bitcoin.

BTCUSD down more than -1% overnight.  Short-term, BTC is in a sideways consolidation pattern.

Long term, BTC remains bearish.

After an hour of trading, XJO is up more than +1%.

Finspiration Australia. Chart Analysis for Australian and International Stock Markets

 3/1/2023. Finspiration Report, Tuesday Evening.

Not a good start to the New Year with XJO down -1.31%.  A rally which started at about 1.00 p.m. knocked the worst of the losses from earlier in the day.

XJO Daily Chart.

Today's losses take the XJO down to the 50% retracement level of the two month rally which lasted for October and November.  So that could be a possible support level.

A move by Stochastic RSI above its mid-line could be a "buy" signal.

Losses today were exacerbated by large numbers of ETFs going ex-dividend and many of the banks' hybrid notes also going ex-dividend.

XJO One-Day Chart.

We can see in this chart the rally which occurred from 1.00 p.m. today.  That took the market up to the 23.8% retracement level of the day's range (high to low).  That's not sufficient to give us optimism about continued buying tomorrow.  (But better than a kick in the teeth.)

Most of the major European exchanges are not yet open for trading, but Italy has opened and is up +1.9%. That's a big difference from the pessimism which covered Australia today.

Dow Futures are currently up about +0.4%.  Again - very different from Oz.

I suspect that today's big down day on the Oz market was due to some big players taking advantage of low volume holiday trading to manipulate the market to the downside.  Expect an up day tomorrow.

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

 Finspiration Special Report,  New Year's Day Public Holiday - 2/1/23.

Three charts:  XJO, SPX, QQQ.

I noted in my weekly report that XJO was down to the 200-Day MA and a significant support/resistance line at about 7000.

I then put on a Fibonacci grid and the current level is at 38.2% retracement - adding further information to the ones above suggesting that we will see a bounce here.

Now, SP500 - not quite as convincing as XJO - but looking OK.

SP500 has been finding support at the 3800 level - which is represented by to support/resistance levels earlier in the year.

Putting a Fibonacci Retracement Grid on the chart, we see that the current level is the 50% retracement level.

So that gives the SP500 a good chance of a bounce here and out of its current sideways consolidation zone.

Hi DRG,

QQQ (ETF for Nasdaq) looks promising.

It is back to support.

28/29 December formed a two candle reversal pattern known as a Kicker. A Kicker occurs when the market has a big down day followed by a big up day - and the open of the up day is equal to or higher than the open of the down day. Stephen Bigalow, something of an expert on candle-sticks, says that the Kicker pattern is the strongest of the 12 major candlestick patterns.

This is what Bigalow says about the Kicker:

"What is the strongest of the 12 major candlestick patterns, or rather the entire list of candlestick signals? The Kicker signal. This signal demonstrates a severe change an investor sentiment. In fact, many investors suggest that if you see this signal then you should go long or short, depending upon whether it is bullish or bearish."

If you look at the bottom panel in the chart above, you will see a histogram for volume. It shows declining volume while QQQ is declining.

The received wisdom about volume is that declining volume on a down trend is bullish.  

The QQQ chart is looking bullish to me.

All of the above observations are meant to be short-term only in nature.

Stay Safe.