In America:
Mixed results. A choppy day with some intra-day buying evident. The negative divergence on CCI for the indices suggests the next move will be down
DJ -0.16%, SP500 +0.11%, Nasdaq +0.14%, NYA +0.27%, Russell2000 +0.56%.
The Banks sub-index (BKX) was up +0.19%.
SP500:
The Index continues to hover around the critical 2400 mark. Last night it finished at 2399.63 Negative divergence on the CCI suggests the next move will be down. Stochastic at 95.6 is very overbought and has turned down. Chaikin Money Flow rose out of the neutral zone, so that’s a positive.
Unless we get a decisive break of 2400 in the next few days, we’ll probably see a sizeable move to the downside.
Commodities:
DBC +1.61%. Energy +2.23% Industrial Metals -0.38%. Copper Producers ETF was up +0.66%. Gold -0.1%. Iron Ore unchanged.
Our market responded positively to the budget yesterday. That momentum should be enough to carry us higher today.
RB.
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