Saturday Finspiration Report 23/9/23. Second for the day.

 Keeping it simple.  Renko Chart for XJO.

Draw your own conclusions.

(Renko Charts explained here,)

Saturday Finspiration Report. 23/9/23.

 Unbelievable day on the XJO Yesterday.  U.S. remains weak.  And - my computer behaves itself this morning after I gave it a good flogging.

XJO Chart.

 XJO finished up +0.05%.  Intraday Low to High +1.6%

Best sectors were Utilities +0.79%, Energy +0.72%, Materials +0.56%.  (Fortescue +1.46%, Pilbara +6.78%).

Worst sectors were ones impacted most by interest rates:  IT -0.67%, Health -1.02%, Property -1.41%.

Overnight In the U.S.

 Dow Jones -0.31%.  SP500 -0.23%.  Nasdaq -0.09%.  Small Caps -0.31%.  Banks -1.26%.

SP500.

 Indicators are at or close to oversold levels.  A positive divergence on MACD Histogram hints at a possible rebound.

Look for positive action in America on Monday.

Commodities.

 Commodities Index flat +0.08%.  Energy -0.3%.  Base Metals +1.03%.  Agriculture -0.18%.  Gold +0.32%.

For the Gold Bugs

 Gold was up a little last night, but bouncing off the lower trend line of the Andrews Pitchfork.  That suggests more upside.

 

 

Friday Morning Finspiration Report. 22/9/23

 I've been trying to pick a low all week for the Ozzie market - with dismal results.

Below is a weekly chart of XJO showing two big round number horizontal support levels.  (The market loves big round numbers.)

No - there is a no chart below - because my computer has decided its old and wants a pension.

Well - I'm willing to do that - but I'm hanging out for a new iMac with the M3 chip coming out at the end of the year.

Anyways - big number support levels for today's XJO are:

7000 and 6900

Good luck. 

Thursday Evening Finspiration Report. 21/9/23.

 Are we there?

XJO down heavily -1.37% today.

Chart for STW ETF for XJO

STW reached the Point of Control (zone of heaviest volume) today and stopped after being down heavily.

That level also coincided with the lower edge of the Value Zone and the middle of a congestion zone.

That looks like a lot of confluence to me.  I doubt it will fall further.  Especially after such a big down day I'd expect a better day tomorrow.

Information Technology was the best performer today, down just -0.05%.  That was a bit surprising after big falls in the Tech heavy Nasdaq last night in America.
 

Thur. Morning Finspiration Report. 21/9/23.

Yesterday, XJO Down -0.46%

In America, Interest Rate announcement nixed the U.S. market.

Chart for STW - ETF for XJO

 STW is down for three days in a row and likely to be down today.  It is close to an important support level and the lower end of the Value Zone.  Fourth day down is likely to be it. Today is options expiry day in Australia - so we can expect shenanigans.

SP500.

 Most of that long blue candle on today's chart was a result of the swoon coming after the Fed interest rate announcement.  Interest rates were put on hold - but expected to stay high for longer, perhaps one more rise.

Here's how the market reacted after the Fed announcement.

SP500 was in positive territory at 2.30 p.m. (Fed. announcement time) then fell more than 90 point.

A lot of that was due to bigger falls in the Nasdaq, down -1.53%.  Dow Jones Industrial was only down -0.22%.  That's a very wide divergence - which I think will narrow considerably in coming days.

Nasdaq with lots of Tech stocks is interest rate sensitive, that's the reason for the much bigger fall in the Nasdaq over the Industrials.

Commodities.

Commodities Index -0.82%.  Energy -1.61%.  Base Metals +0.7%.  Agriculture -0.27%. Gold -0.07%.

I suggested yesterday that Energy was looking at a fall - and that was confirmed today.

Gold also felt the impact of the Fed announcement.  Gold is negatively correlated to the U.S.$.  Higher interest rates mean a higher dollar and a lower Gold price.  The long upper tail on the Gold candle stick is indicative of the selling which occurred after the Fed. announcement.

After fifteen minutes of trading this morning, XJO is down -0.5%.
 

 

Wed. Morning Finspiration Report. 20/9/23.

 Major U.S. indices down a little overnight.  Fed. interest rate decision tonight.

Dow Jones -0.31%.  SP500 -0.22%.  Nasdaq -0.23%.  Small caps -0.26%.  Banks -0.42%.

SP500

 Last night's candle shows a long lower tail - plenty of intra-day buying.

That suggests to me that the "big boys" are preparing for some good news tonight from Fed Head Powell.

The intra-day bounce occurred at the lower edge of the Value Zone of the Volume Profile (horizontal bars at the left of the chart).  The Value Zone often acts as support/resistance.

Commodities.

 Commodities Index flat +0.08%.  Energy +0.04%.  Base Metals -0.8%.  Agriculture +0.41%.  Gold -0.09%.

Energy is consolidating at the top of a long up trend.  There's not a lot of oomph left in this rally.  I think some downside is looming.

Overnight Sydney Futures are down -0.22%.  That suggests a weak opening today in line with falls in the U.S.

Tuesday Morning Finspiration Report. 29/9/34

 Yesterday ASX down, last night U.S. flat.

STW (tracking ETF for XJO) down yesterday -0.65%.

20/50/200 Day MAs are all more or less aligned just below the finish of yesterday's downside movement.

Yesterday brings the STW down almost to the Point of Control on the Volume Profile (horizontal bars to the left of the chart.  A congestion zone exists just below the PoC.  STW (and XJO) will likely bounce there.  There's just too much support around that area to be ignored.

SP500

 SP500 is in non-trending mode which favours support/resistance traders.  (MACD Histogram almost flat.)

Last night was a narrow range event after heavy volume machinations on Options Expiry day on Friday.

20/50 Day MAs are aligned - non trending.

The chart is at the lower edge of the Value Zone for the Volume Zone - that favours a move back to the upside.

Commodities.

 Commodities Index -0.04%.  Energy +0.12%.  Base Metals +0.65%.  Agriculture -0.72%.  Gold +0.59%.

That's a bearish candle on the Ag. chart - coming high up in the trend suggests this upside move is coming to an end.

Gold is behaving favourably.

With Base Metals up, we might see some good moves in the miners today - but not reflected in last night's prices.  BHP -0.34%, RIO -0.88%.

Overnight Oz Futures -0.29%.  That suggests the ASX will open moderately lower today.