US charts look good for DJIA and S&P500. Moderate for Nasdaq. Bad for Russell 2000. DJIA and S&P500 are right at overhead resistance lines. XJO has been in a 350 point sideways range for the last three months. It broke out of a small range last week but there is now a downtrend line in the way. Oil was up last week and Iron Ore was fairly flat.
FOMC more important than ever this week due to high inflation. So I doubt markets will rush ahead of that but the response on Friday was good.
Favouring sideways to up this week. Given that the US was up on Friday and our bounce from the recent low has been weaker, I reckon we should be around 7420, but IG closed around 7360 on Saturday morning. So I'll try to jump in early if it opens low. But I worry that covid and inflation concerns might have started to sink in over the weekend.
I've been thinking the big players are using DJIA to turn markets. In late August they kept selling at 35,500. Now they seem to be pushing it above a resistance line, so I'm watching to see if they keep it above there:
13/12 Week, page-5
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Last
7,629.0 |
Change
42.000(0.55%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,587.0 | 7,640.2 | 7,587.0 |
| XJO (ASX) Chart |