Weekend Charting and Chat, 14/15 March

Yesterday in Australia:

A huge range on very heavy volume with the XJO finishing up strongly +4.42%.

We need to see follow-through buying on Monday to confirm that this is a bottom of the current pull-back. It is not necessarily "the bottom" as bear market rallies can be awesome. I'm treating this as a bear market rally until otherwise proven.

Overnight:

The Australian market, as it has been doing all week, pre-empted the American market which had great results:

Dow Jones +9.36%. SP500 +9.29%. Nasdaq +9.35%. Small Caps +8.07%.

SP500:

Last night's action closed the gap set up by Thursday's action. We should get a pause here.

Until I get some solid evidence otherwise, I'm treating this as a bear market rally.

Commodities:

Commodities Index +1.09%. Base Metals +1.5%. Energy +1.41%. Gold was the big loser -3.05%.

RSI for DBC hasn't been above 50 for the past two months. Until we see it break above that, any rally will probably be a bear market rally.

CNN Fear and Greed Index:

Fear and Greed may be making a short-term bottom, but past history (2018,2019) says to be cautious. This remains a trader's market, not for investors.