Chart Analysis on this Blog is purely descriptive. It is...

Chart Analysis on this Blog is purely descriptive. It is written for informational and educational purposes and should not be taken as financial advice. Do your own research or seek advice from a Registered Financial Advisor.

24/12/22. Finspiration Saturday Report.

Santa's sleigh had a minor hiccough. Back in Lapland, Elves got to work and it is back up flying the skies again. Merry Xmas.

Overnight: U.S. up, Europe mixed, Commodities up. Bitcoin flat.

Dow Jones +0.53%%. SP500 +0.59%%. Nasdaq +0.21%. Small Caps +0.66%. Banks +0.49%%.

Last night saw follow through buying after the previous day's intra-day buying, but not particularly strong.

All eleven U.S. sectors were positive last night - a bit surprising given the modest numbers in the broad market indices. But it is a positive sign of breadth.

SP500.

The chart continues to find support at the Kumo Cloud. Overhead resistance remains at the confluence of the Conversion Line and Base Line of the Ichimoku System. Above that is the 200-Day MA where the SP500 has failed twice in recent times. Will third time be the charm?

Commodities.

Commodities Index +1.83%. Energy +2.51%. Base Metals +0.98%. Agriculture +0.55%. Gold +0.3%.

The two-day candle-stick pattern on DBC (Commodities) shows a "kicker" pattern, a down day followed by an up day. That's a fairly strong bullish signal. Gold continues to find support at its 20-Day MA - and remains in its medium-term up-trend.

All of that suggests a bullish start for Australian stocks when they resume trading after the Xmas holidays. But a lot of water will flow under the bridge before that happens - including another day of trading on the U.S. market.

Bitcoin.

BTCUSD flat -0.08% overnight. Short-term, BTC is in a sideways consolidation pattern.

BTCUSD remains below resistance of the Base Line of the Ichimoku system. That's a bearish sign.