10/9/22. Overnight in America, stocks rise for third day.Dow...

10/9/22. Overnight in America, stocks rise for third day.

Dow Jones +1.19%. SP500 +1.53%. Nasdaq +2.11%. Small Caps +1.91%. Banks +0.85%.

SP500.

SP500 is in a short-term up-trend. Chart is above the Kumo Cloud. Supertrend (1.5/7) has switched to bullish (yellow) and last night SP500 rose above the Conversion Line of the Ichimoku system.

Indicators in the lower panes are all short-term bullish.

The Index remains below the Base Line of the Ichimoku system and the Lagging Span (Chikou Span) is still below the chart.

For a more confident medium-termassessment, I would like to see the Conversion Line above the Base Line and Chikou Span above the chart.

This remains a bear market rally. I'd look to take profits if the Index fails again at the 200-Day MA.

Commodities.

Commodities had a great night last night. Commodities Index +2.84%. Energy +3.38%. Base Metals +1.44%. Agriculture +1.87%. Gold +0.53%.

Yesterday in Australia.

XJO was up strongly on Friday +0.66%.

Supertrend (1.5/7) has switched to bullish (yellow). The chart is at the Conversion Line but below the Base Line and the chart has nudged above the Kumo Cloud.

Stochastic has pulled up out of its oversold zone. That's a "get set" signal. "Go" should occur on Monday with strong overnight leads from U.S. Stocks and Commodities. That will pull MACD Histogram above zero and RSI above 50.

Again, like the SP500, I'd look to take profits if the index fails again at the 200-Day MA where it has failed twice recently in late August.