Major U.S. Indices: [IMG] American markets were down in early...

Major U.S. Indices:


American markets were down in early trade but a sustained rally from around 11.00 a.m. to about 1.30 p.m. recovered those losses. Markets were then choppy into the close. Volumes were down a little - probably a hangover from President's Day.

Here's the detailed SP500 Chart:


The chart remains positive. It's not yet into overbought territory and room exists to the upside before an oblique restraining line is hit. So there could be more upside here. A break back into the dark yellow Bollinger Bands (20/1) would suggest an end to this rally.

Commodities:


CRB Index down a little -0.17% after early big losses. Energy followed the same pattern but finished on the plus side, up +0.55%. Base Metals were all down. -1.65%. Spot Iron Ore gave back most of the previous day's big gains, down -2.3%. Gold ETF (US$) -1.67%. US$ was essentially flat -0.12%.

OZ stocks in NY:

BHP -0.39%. Rio - no change. Westpac +0.92%. ANZ -1.44%. (That looks like some switching out of ANZ into Westpac after ANZ's poor performance in Australia on Tuesday.) EWA +0.65%. Ozzie Dollar +0.7%. The good performance by EWA looks to be largely a currency effect.

Buying pressure in American stocks and the CRB Index during the Tuesday's middle session suggests that Australia might try to make up yesterday's falls. Some "buy on weakness" will probably occur in CBA and possibly ANZ - that would help our market today.

Redbacka