In Australia Yesterday: [IMG] Australia was down strongly...

In Australia Yesterday:



Australia was down strongly -0.74%. Some nibbling intra-day by the bottom-feeders took place but not enough to constitute a bullish reversal. The chart is now down to the 20-Day MA, that might hold. The 200-Day MA beckons – and that looks like the next probable step. Overnight action might bring optimism back to our market on Monday. Wait.
Overnight:

Dow Jones -0.29%. SP500 +0.51%. Nasdaq +1.08%, NYSE +0.31%, Banks +0.63%, DAX -2.27%.

Plenty of intra-day buying erased big early losses with most of the indices finishing on the positive side. At its worst, Dow Jones was down -1.6% and finished down -0.29%. That’s a good result. We need to see follow-through buying on Monday.

SP500



Today’s intra-day buying gives bulls plenty of hope, but the context remains bearish. SP500 has broken down through the confluence of the 20/50 MAs. Trend channel and indicators have turned down. Wait to see what happens Monday.

Commodities:



Commodities: DBC +0.00%. Energy +0.07%. Gold +0.54% and Industrial Metals -0.42%. Copper Producers -0.74%.

Energy had a strong intra-day move on heavy volume, so it’s pull-back might be over. Gold’s move was not as emphatic, but heavy volume in the past two days suggests that it will see more upside. Base Metals continue to linger in bearish territory. That chart might be finding a bottom but we’ll have to see how it pans out.

Full Weekly Report tomorrow.