Market Report. Sat. 3/2/24Dow up, Nasdaq goes whooshka, Ozzie...

Market Report. Sat. 3/2/24

Dow up, Nasdaq goes whooshka, Ozzie Futures slump. Energy down. Gold down.

Dow Jones +0.35%. SP500 +1.07%. Nasdaq +1.74%. Small Caps +0.47%. Banks +0.72%.

Mark Zuckerberg's Meta reported results and its stock soared more than +20%. No wonder Nasdaq went whooshka!

SP500

SP500 is back into an uptrend (three yellow Supertrend Lines) and a new all time high. What could go wrong?

Plenty of negative divergences on indicators suggest that the current move up in SP500 isn't the "real deal". 

CCI usually has reliable divergences. It currently shows a negative divergence from the price chart. 

High trading volumes the last three days on the Candle/Volume Chart says that a lot of people are convinced (and a lot aren't) that this is the "real deal". 

One side or the other will win.

I think that the high volumes in the past three days indicate the end of this up trend. We'll have to wait and see if I'm right.

Commodities.

Commodities Index -1.13%. Energy -1.21%. Base Metals -0.46%. Agriculture +0.05%. Gold -0.95%.

Those commodity prices aren't good for some of Oz's big resource companies. In New York, BHP down -1.4%, Rio -2.34%, WDS -0.62%.

So, despite great results in the U.S., Ozzie Futures are down -0.7%. Not a good look for Australia ASX on Monday.

RB