Another Narrow Range Day. Morning Joe. Wednesday, 26 November, 2014
In America:
Nasdaq Composite +0.07%. New York Composite -0.11%. Russell 2000 -0.05%. Dow Industrials -0.02%. SP500 -0.12%.
RSI.9 on all indices other than R2K is in the very overbought or extremely overbought area. Volume is about average.
I mentioned recently that we might see little action as this shortened week progresses. That's what seems to be happening after two days.
Here's the detailed SP500 chart:
SPI.9 is up in the extreme overbought range. Money Flow Index and MACD Histogram are showing potential negative divergences.
This is set up for a pull-back. But we might have to wait till next week. That's then into December. Despite all the talk about Santa Rallies, the market often dips early in December.
Commodities:
Energy (-1.53%) and Industrial Metals (-0.54%) were poor performers last night. Copper in America -1.1%. Spot Iron Ore -2%. Spot Iron Ore now down to 68.6. GLD +0.23%. U.S.$ -0.21%.
Oz stocks in New York:
BHP -1.59%. Rio +0.06%. Westpac -0.21%. ANZ -0.13%. EWA -0.83%. Ozzie Dollar -1%.
Rio was surprisingly resilient last night given the fall in the Ozzie Dollar and poor Iron Ore prices. So the Miners could surprise us today. But I'm not expecting much for the broad market.
Redbacka
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