bad news on wall street - thursday, page-6

SP500 -0.11%, Dow Industrials -0.25%. Nasdaq 100 -0.29%, Russell 2000 -0.48%, Transport 0.72%.

Except for Transport, Indices were in choppy action with a narrow range. They suffered a swan dive in the last half-hour which took the figures into negative territory.

Here’s the detailed chart for the Sp500:

With the SP500 at all-time highs, there are no horizontal resistances to be considered. We only have oblique resistance which is a little distance overhead. If the Index gets up there, the Rising Wedge formation comes into play. Volume in the past two days has recovered from the long-weekend swoon, but remains at subdued levels. CCI has rolled over and showing a negative divergence. RSI hasn’t reached overbought levels since early March. This market, despite the new high figures, hasn’t been very strong.

Here’s the Emerging Markets chart I talked about yesterday:

The uptrend remains intact, but this is looking like a balloon ready to implode. All the indicators are showing negative divergences. Back to the bottom of the range? See comments later about BHP.

Commodities:

CRB Index down modestly -0.2%. Industrial Metals up a little +0.1%. Precious Metals continued to drop after the previous sessions’s big fall, down moderately -0.42%. Specific metals: Gold down -0.53%. Copper down 0.58%.

BHP on the NYSE -1.34%. Westpac +0.25%. EWA -0.38%, Ozzie Dollar -0.26%.

Here’s the BHP Chart on the NYSE:

It’s been in a trading range for 10 Months. This looks likely to go back to the lower edge of the range. That’s been a long time for a stock like BHP to be in a trading range – that will end sometime. But there’s no indication of an end-game just yet.

Redbacka