ASX Morning call 16th August, page-5

Overnight:


Indices fell on higher volume. Dow Jones -0.54% hit the 50-Day SMA and rebounded. The worst of this fall could be over, be expect a bit more shifting around before a strong move to the upside. Other indices performed worse than the DJ, all on higher volumes than on recent days.

SP500 -0.76%. Nasdaq -1.23%. Russell 2000 -1.29%.

SP500:



As I suspected, there was no positive follow-through from yesterday's possible turning point. All indicators are pointed down, the short-term trend channel is down. SP500 is close to triple support levels, so there may not be much more in this to the downside.

COMMODITIES:



Commodities (DBC -2.18%) took a hammering last night.

Base Metals -3.72%. Energy -2.28%. Gold -1.65%. Copper Miners -4.95%. Iron Ore -0.7%.

Those figures will take their toll on our Resources today.

Overnight Futures finished well down. That looks overly pessimistic to me, but who am I to argue with the market?

Today is a big day for company reports:

QBE Insurance, Telstra, Oz Minerals, Origin Energy, Computershare, Sonic Healthcare.