ASX Morning call 14th August, page-26

Public Holiday in Brisbane for Ekka Madness – enjoy the strawberries and ice-cream.

Overnight:

Dow Jones +0.45%.  SP500 0.64%.  Nasdaq +0.65%.  Russell 2000 +1.03%.

Some of these indices suggest this fall is over.

SP500.



The Heiken-Ashi Chart of the SP500 hasn’t confirmed a reversal, although it is suggesting that possibility.  I’d like to see a big yellow candle of this chart before getting too optimistic.

Commodities.



Pessimism still reigns in commodities.  Base Metals -0.86%.  Energy flat after heavy intra-day selling +0.09%.  Gold flat +0.1%.  Copper Miners -1.31%.

Yesterday, Australia once again pre-empted the stronger U.S. market.  We’ll probably be a bit stronger again today – but not enough to break out of the current sideways shuffle where the XJO has stalled now for weeks.

RB