Overnight: [IMG] Dow Jones +0.52%. SP500 +0.62%. Nasdaq +0.86%....

Overnight:



Dow Jones +0.52%. SP500 +0.62%. Nasdaq +0.86%. Russell 2000 +0.5%.



SP500 is once again testing overhead resistance. This move up makes the previous little pull-back look like a bull-flag. We need to see a break above overhead resistance to confirm.

Commodities:


Commodity charts are all bullish – that’s positive for our Resources on Monday.

Only one out of four of our big banks was positive on Friday. Westpac was hit hard.

CBA up a little +0.2%.



ANZ down -0.77%. It is now back to the 200-Day EMA. Despite the big drop, evidence is showing of intra-day buying, so it could be OK.



NAB down a little -0.18%, but also showing intra-day buying. It has bounced off horizontal resistance.



Westpac dropped heavily -2.43%. Friday’s candle looks like a tomb-stone, so we could see some upside from here.



If the banks can improve on Monday, which seems possible, our market could do quite well.

Given the elevation of ScoMo to PM, that could be another positive for our market.

RB