Weekend Charting and Chat XJO

For another look at sentiment indicators, go to: https://www.yardeni.com/pub/peacockbullbear.pdf

In Australia Yesterday:

Yesterday was a narrow range day down just -0.07% with high volume. That usually occurs on an options settlement day. I checked the calendar - nope. So something odd was going on yesterday. Another odd thing, breadth was good, 610 stocks up, 520 stocks down. With good breadth but a weak finish - usually means Financials and/or Miners were weak. Yep - that worked out. XXJ down -0.23% and XMM -1.31%.

Overall, it doesn't add up to a hill of beans. The XJO remains between nearby support and resistance. Trends on all time frames remain bullish. Watch this space for a break, one way or the other, of support/resistance.

Overnight:

Positive results in the U.S. Dow Jones +0.54%. SP500 +0.5%. Nasdaq +0.76%. Russell 2000 +0.25%.

SP500 and Nasdaq have gone on to multi-month highs (and mildly overbought), while Dow Jones and Russell 2000 remain at their 20-Day SMAs. This market is oddly unbalanced.

The same high volume, which occurred in Australia, is evident in America. Nope - no options expiry.

High volume often accompanies a change in trend - watch.

Commodities:

Commodities Index +0.00%. Base Metals -0.36%. Energy -0.47%. Gold +0.46%.

Base Metals (DBB) and Energy (DBE) given short term "sell" signals.

Sentiment:






Neither of these sentiment indicators are high enough to trigger "sell" signals.

For another look at sentiment indicators, go to: https://www.yardeni.com/pub/peacockbullbear.pdf