Overnight:Results were mixed in NY.Dow Jones +0.76%.  SSP500...

Overnight:

Results were mixed in NY.

Dow Jones +0.76%.  SSP500 +0.56%.  Nasdaq -0.38%.  Russell 2000 -0.03%.

Indices continue to hover around the 20-Day SMA, with Nasdaq pulling lower.  On the plus side, MACD Histogram continues to hold above the zero line.

Amazon has now tested the 200-Day EMA and failed, AMZN -2.27%.  That’s bearish for that stock and the broader market.  Apple is now still above the 200-Day EMA but fell last night -2.84%.

SP500:

The candle on the SP500 is an “inside” candle representing indecision.  The index remains below the 200-Day EMA.  Until it can breach that resistance, it is best to remain cautious.

Commodities:

Prices on resources continue to cause concern:

Base Metals -0.98%.  Energy flat -0.06%.  Gold -0.24%.  Copper Miners flat +0.00%.  Iron Ore +2.3%.  Those IO prices should help our big miners today.

Our Reserve Bank meets today (Melbourne Cup).  It’s a holiday in Victoria, so volume should be lower than normal, enabling big investors to push stock prices around.

We were bearish yesterday.  I can’t see our market making much headway today.

RB