20/2 Indices, page-415

Friday: XJO up a little. Overnight: America flops.

Yesterday in Australia.

XJO up yesterday +0.3%. Ten out of eleven sectors were up. The only sector down was Materials -1.2%. So breadth was reasonably positive. Advancing Stocks: 701, Declining Stocks 609.

Best performers were XIJ (Info Tech) +2.4%, XNJ (Industrials) +1.4%, XPJ (Real Estate) +1.3% and XDJ (Discretionary) +1.2%.

XJO is sliding down the 2 Standard Deviation Bollinger Band - that's bearish.

I've marked a Support Zone on the chart where I think this market is headed.

Overnight in the U.S.

Dow Jones -1.02%. SP500 -1.05%. Nasdaq -1.69%. Small Caps -0.75%. Banks +0.2%.

The massive intra-day buying on the Dow on Thursday didn't resolve into a solid upside move last night - just the opposite. Lots of doji candlesticks litter the other indices above. That means we still have a battle between the bulls and bears going on during intra-day trading.

SP500.

SP500 has broken below the oblique support line from Dec. 2020.

The chart remains bearish with the index sliding down the lower 2SD Bollinger Band.

I've marked a possible support zone on the chart.

Watch which way the market breaks from last night's doji candle-stick. That might provide some idea of near-term direction. I doubt, however, that we'll see a change of trend in the near-term. We need to see a break above the 8-Day EMA to confirm a change on the near-term (bearish) trend.

Commodities.

Commodities Index -0.34%. Energy +1.39%. Base Metals -2.22%. Agriculture -1.46%. Gold -0.72%.

With the SP500 weak, and Metals prices weak, there's not a lot of hope for the ASX on Monday.

Bitcoin.

Bitcoin was down -3.25% overnight. It is now sitting in the neutral zone around the 20-Day MA.

Supertrend is bearish. The chart is below the 8-Day EMA. Until we see a break to the upside of those two metrics, the line of least resistance is to the downside.