Finspiration Australia.

 20/5/23.  Saturday Morning Finspiration Report.

In Australia yesterday.

XJO up yesterday +0.59%.  The daily candle finished at horizontal resistance from 8 May.

Yesterday's candle finished marginally above the Base Line of the Ichimoku System.  (Base Line, black, is the mid-point of the last 26-periods.).

The Conversion Line remains below the Base Line.  (Conversion Line, blue, is the mid-point of the last nine periods.). We need to see the Conversion Line above the Base Line for a bullish context.

Overnight in America.

Dow Jones -0.33%.  SP500 -0.14%.  Nasdaq -0.24%.  Mid Caps -0.89%.  Small Caps -0.74%.  Regional Banks -1.76%.

Regional Banks came into focus again last night after U.S. Treasury Secretary, Janet Yellen, said more mergers might be necessary.

SP500.

SP500 is at the top edge of an upscoping bearish wedge.  Watch for a fall back to the lower edge of the wedge.  A break lower would be bearish.

Sucker Rally?

To check if the current upside move is a "sucker rally" I'm looking at the NYSE Advance-Decline Line.

Comparing the NYAD Line with the SP500 we can see that NYAD is showing a negative divergence from the SP500 - so - yes, this probably is a sucker rally.

Here's the chart for QQQ (ETF for Nasdaq).

Since early May, QQQ (Nasdaq) has been in a very strong up-trend.

Here's the Advance-Decline Line for Nasdaq:

NAAD is in a negative diversion from Nasdaq and at the lower end of its daily chart.  That's in marked contrast to Nasdaq which is now way up at the top of its chart - and overbought.

The only conclusion that can be drawn is that the market has been dragged up by a few large tech stocks.  That's a precarious position to be in for the market.

Gold.

Gold came roaring back to life last night, up +0.99% after being in a short-term down-trend since 10 May.  It still has work to do to prove its bullish credentials, but it does look promising.

Finspiration Australia.

 18/5/23.  Thursday Evening Finspiration Report.

Today, XJO erased yesterday's losses.

XJO up +0.52% today.  That's promising but not sufficient to turn the market bullish.

XJO needs to get above the Kijun Sen - that's the black line just above the current candle.  RSI also needs to get back above 50.

Europe in early trading is up, Euro STOXX600 up +0.48%, but it is playing catch-up after it fell last night while the U.S. rose.

Dow Jones Futures are up just a little +0.09%.

Finspiration Australia.

 18/5/23.  Thursday Morning Finspiration Report.

U.S. up strongly last night.

Dow Jones +1.24%.  SP500 +1.19%.  Nasdaq +1.28%.  Mid Caps +1.72%.  Small Caps +2.37%.  Banks +5.09%.

SP500

Last night's strong action seems to have resolved the recent impasse in the Index which has just been sliding sideways.

Tenkan Sen (Recovery Line - Blue) is back above the Kijun Sen (Base Line - Black).  That's a bullish signal.

Next seems seems to be horizontal resistance from May 1, at 4190.  SP500 finished at 3939 last night.

Commodities.

Commodities Index +1.19%.  Energy +3.01%.  Base Metals +1.7%.  Agriculture -0.76%.  Gold -0.35%.

Gold's doji candle-stick at the lower end of a down-trend suggests the down-trend could be ending.

Equities and Commodities will both help the Ozzie market today.

Finspiration Australia.

 17/5/23.  Wednesday Evening Finspiration Report.

The Australian market was weaker today with the XJO down -0.45%.

XJO has broken below the support of the top of the Kumo Cloud.

The short-term Hull MA13 has turned down,  Indicators in the lower panels have turned down.

Tenkan Sen (Conversion Line) is below the Kijun Sen (Base Line).  This is a bearish configuration.

The Index remains within the Kumo Cloud - which is a no trade zone.  This can still go either way.

Today's candle shows a long lower wick, so bulls were in the market today trying to push the index back up to the upside.

A break below the Kumo Cloud would be bearish.

Finspiration Australia.

17/5/23.  Wednesday Morning Finspiration Report.

U.S. falls overnight.  ASX to follow today.

Dow Jones -1.01%.  SP500 -0.64%.  Nasdaq -0.18%.  Mid Caps -1.43%.  Small Caps -1.28%.  Banks -1.45%,

Dow Jones fell below short-term support and below the 50-Day MA.

SP500

SP500 remains in its sideways consolidation.  

America appears to be waiting on a solution to the Debt Ceiling negotiations.

Commodities.

Commodities Index -1.09%.  Energy -0.77%.  Base Metals -1.35%.  Agriculture -0.71%.  Gold -1.25%.

Overnight action in Equities and Commodities is a negative for the Australian market today.

Finspiration Australia.

 16/5/23.  Tuesday Evening Finspiration Report.

For the sixth day in a row, XJO is sitting on the Kumo Cloud for support.

Patience.

Finspiration Australia.

 16/5/23.  Tuesday Morning Finspiration Report.

US markets remain stalled by the stalemate in the Debt Ceiling discussions.

Dow Jones +0.14%.  SP500 +0.3%.  Nasdaq +0.66%.  Mid Caps +0.77%.  Small Caps +1.04%.  Banks +2.56%.

SP500

The stalemate is evident here in the SP500.  Indicators in the lower panels are sliding sideways.

The SP500 chart is poised at the Point of Control.  A major move up or down should be decisive.

The Debt Ceiling discussions will inevitably be resolved soon before Armageddon is released.  That will ease the stalemate, then "normal" proceedings will resume.

Commodities.

Commodities Index +1.15%.  Energy +1.68%.  Base Metals +0.43%.  Agriculture +1.25%.  Gold +0.21%.

This morning, after an hour of trading, XJO is down a little, -0.1%.  Investors seem to be positioning for an upside move with defensives being sold off.  Woolworths -1.22%, CSL -1.05%, TLS -0.46%, Coles -0.98%.  Financials up +0.39% and Materials +0.5%.