Vanilla XJO Thread, page-26

4/1/24. Markets up on last day of the week.

Yesterday in Australia.

XJO up 0.6% yesterday after being up +0.52% on Thursday. Chart is now at resistance of the high from 27 December.

Despite those two up days, technically, the chart is not yet into an up trend (higher high and higher low), but given events in the U.S. last night, a new up-trend is likely to be formed on Monday.

Overnight in the U.S.

Dow Jones +0.8%. SP500 +1.26%. Nasdaq +1.77%. Small Caps +1.23%. Banks +1.19%.

Dow Jones.

Dow Jones has held at Support and now faces Resistance before we see a break-out of the current consolidation.

MACD Histogram remains in negative territory, and Directional Movement remains bearish (blue line above yellow line).

This can still go either way. Wait.

Commodities.

Commodities Index +0.51%. Energy -0.13%. Base Metals -0.7%. Agriculture -0.49%. Gold -0.79%.

Commodities Index and Energy both look vulnerable to more downside.

Australian Resources in the U.S. market.

BHP -0.81%. Rio -0.29%. Woodside +0.64%. Newmont -0.68%

It's no surprise to see the miners weak after last night's weak metals prices. The three big miners are all in consolidation patterns at the low end of their graphs. Wait to see which way they break from those patterns.

Take care.