12/8/23. Saturday Finspiration Report.

 ASX down on Friday, XJO -0.24%.  Europe down, Euro STOXX600 -1.09.

U.S. Indices mixed:

Dow Jones +0.3%. SP500 -0.11%.  Nasdaq -0.68%.  Small Caps -0.09%.  Banks +0.39%.

SP500.

 

SP500 was down a little but the worst was alleviated by intra-day buying.

The Index is down to Horizontal Support and support of the 50-Day MA.  The Gap back in 12 July has been closed by last night's action.  That's the confluence of a series of events which suggests the next move will be to the upside.

Another Horizontal Support level exists a little lower down and at a Low Volume Node.  Even if more down side is seen on Monday, That Horizontal Support and Low Volume Node should be as far as this pull-back goes.

Commodities.
 

Commodities Index -0.16%.  Energy -0.09%.  Base Metals in free fall -1.25%.  Agriculture flat 0.00%.  Gold flat 0.00%.

11/8/23. Friday Morning Finspiration Report.

 U.S. finishes up a little but well down from session highs.

Dow Jones +0.15%.  SP500 +0.03%.  Nasdaq +0.12%.  Small Caps -0.38%.  Banks +0.19%.

SP500.

 SP500 seems to be consolidating at the lower Bollinger Band.  That suggests the next move is to the upside.

 

Commodities.

 Commodities Index -0.53%.  Energy -1.03%.  Base Metals -0.54%.  Agriculture  +0.09%.  Gold -0.11%.

ASX has opened down -0.3%.

10/8/23. Thursday Evening Finspiration Report.

 Energy drove the Australian market higher today.  XJO finished up +0.26%.

Some extraordinary moves today.  AMP was down -6.4% but finished up +4.6%.  Boral up +8.5%.  Downer, on the other hand, was down -6.4% and AGL down -3.1%.

That's reporting season for you.  Anything can happen.

 STW (a tracking ETF for the XJO) remains within the range of the first three days of August.  It is in a short-term up trend.  Hull MA13 has turned up and STW has broken above the 20-Day MA.

The long tails on today's candle indicates intra-day buying pressure which is a bonus.

A horizontal resistance level is near-by - that might cause some trouble.

Until XJO clears the block formed by the first three days of this month, we'll wait on the longer term trend to reveal itself.

10/8/23. Thursday Morning Finspiration Report.

 Overnight:  Europe up, U.S. down. Oz Futures flat.

Dow Jones -0.54%.  SP500 -0.7%.  Nasdaq -1.17%.  Small Caps -0.7%.  Banks -1.67%.

SP500.

                      

SP500 is consolidating close to important horizontal support levels.  It has closed at a low volume node (see at left of the chart), so chances of a bounce here are high.  Watch for a strong upside move.

Commodities.

Commodities Index +0.7%.  Energy +1.37%.  Base Metals +0.22%.  Agriculture -0.19%.  Gold -0.48%.

 
After a strong finish in yesterday's XJO, I think the ASX will go higher today.

9/8/23. Wednesday Morning Finspiration Report.

 U.S. and Europe down overnight.  CBA up strongly.  ASX up modestly.

Overnight in the U.S.

Dow Jones -0.45%.  SP500 -0.42%.  Nasdaq -0.79%.  Banks -1.21%.

SP500

 SP500 has stabilised at a low volume node (see at the left hand side of the chart).  That might be as far as this pull-back goes.  Last night saw plenty of intra-day buying which suggests the bulls are back in the business.  A move above the 20-Day MA would be bullish for the index.

CBA reported before the ASX opened this morning.  The punters are looking favourably on the result and CBA is up 2.2%.  Other big banks are also up, NAB and WBC both up around +1.5%.   ANZ up 0.7%.  Falls in Miners, Health and Property have constrained the XJO to a modest rise so far of +0.1%.

8/8/23. Tuesday Evening Finspiration Report.

 Another "nothing" day on the ASX.  It started positively but faded away with the XJO finishing flat +0.03%.

Commonwealth Bank and Suncorp both report tomorrow.  CBA could be market moving given its size.  By market Cap., CBA is the second largest stock on the ASX after BHP.  It also correlates well with the other big banks, so whatever happens with CBA is likely to affect the other banks.

Heiken Ashi Chart for STW (tracking ETF for the XJO).

 The chart is sitting right at the Point of Control - the price level at which most volume has occurred.

POC often results in a "shuffling" about - with the stock/index going nowhere.

Look for a break either up or down from this level.

7/8/23. Monday Evening Finspiration Report.

 Bit of a "nothing" day on the ASX today.  XJO down modestly -0.26%

Today was an "inside day", i.e., the range was completely within the range of the previous day.  The candle is a "doji".  Those factors add up to indecision

XJO is sitting on support of the 50-Day MA and that has given support for the past three days.   Just above those three candles is the 20-Day MA.  So the index is lodged solidly between the 20-D and 50-D MAs which are, more or less, close together and sliding sideways.  The market couldn't be any more indecisive than that.

MACD has crossed below its zero line, Dynamic Zone Stochastic is below its lower band, RSI has dipped below its 50 line.  All those things are bearish, but the signals are only just into the bearish zones.  This could flip either way.

The biggest problem for the XJO is the poor performance on the Price Volume Trend (bottom panel).  It is currently below its 20-Day MA, which is below the 50-Day MA, which is below the 200-Day MA.  That stacking is bearish.

Today - five Sectors were up and six down.  More or less even.

Best sector today was Property, +0.48%.  Worst was Health -1.08%.

The market seems to be picking off Health stocks one by one.  Resmed was down more thab -4% today after being down -9.3% on Friday.  The problems in CSL have been well documented.  Ramsay was knocked for six back in May.  SHL appears to be in free fall and now below its 200-Day MA.  Cochlear had a big fall back in late June.  Ansell was down more than -14% on 18 July.  EBO fell -12.6% on 6 June.  FPH fell more thanb -12% in late May.  The only large cap Health stock still looking healthy (pardon the pun) is Promedicus.  Since mid-June it is up more than +90%.  Is it the next one to get attacked?

This week are some big guns reporting on the ASX.  On Wednesday we have Comm. Bank and Suncorp.  On Thursday, AGL, AMP, Boral and QBE.  Friday, Newcrest and Rea.

The Comm. Bank report on Wednesday is likely to be market moving.