Critical moment has arrived in U.S. market. 27/4/24U.S. markets...

Critical moment has arrived in U.S. market. 27/4/24

U.S. markets were positive last night after Alphabet and IBM reports.

Dow Jones +0.4%. SP500 +1.04%. Nasdaq +2.03%. Small Caps +0.77%. Banks +0.26%.

SP500.

Since last Friday, SP500 has had a solid rebound of +2.6%. Now we find out if this is a rally to be sold into or the continuation of a bullish trend.

The Index finished last night testing a quadruple resistance - 20DMA, 50DMA, Supertrend (11/2) and hrizontal support/resistance (not shown on the chart). That support/resistance line has touches on 23 Feb., 11 March and 15 March. So we have confluence of several important resistance/support lines. That's powerful stuff.

The three Super Trend Lines are mixed - two yellow (bullish) and one blue (bearish). That indicates that the trend which has been down could be switching to the upside.

Under most conditions, such powerful resistance would hold. I'm expecting a downside move here - but anything can happen in the great stock market casino.

Commodities.

Commodities Index flat +0.08%. Energy flat +0.05%. Base Metals flat +0.1%. Agriculture -0.5%. Gold +0.32%. Gold continues to hug its 20-Day MA as support.

Sydney Futures last night were up +0.32. . The ozzie market should have a positive start to the day on Monday.

Good luck.