No Joy. Thursday Morning Joe. 22 October, 2015. Major Indices,...

No Joy. Thursday Morning Joe. 22 October, 2015.

Major Indices, Europe and America

Germany +0.89%, UK +0.05%, France +0.46%, Italy -0.44%



DJ -0.28%. SP500 -0.58%. Nasdaq -0.84%. New York Composite -0.74%, Russell2000 -1.58%.



Four out of five American Indices show clear break-down signs. Doji candles followed by a big down day.

Volumes increased, so the bears are putting on the selling pressure. So far this is not serious - a pull-back to the 20-Day SMA and bounce would be bullish.

Here’s a regular candle stick chart for the SP500:




The 100-Day TMA and horizontal resistance of the August break-down point has proved too strong for the Index. It might take a couple of goes to get through such strong resistance. If that happens, we should be set for a strong bullish rally.

The MFI was suggesting that the bulls had used up a lot of fire-power to push this rally as high as it has gone. So some weakness is not unexpected. Bulls need to re-group now.

H/L Ratio on the NYSE fell from 75.9% to 61.7%. New Lows crept up to 46 from 21. Highs also rose from 66 to 74, but that's a little misleading as many of the new highs were in income stocks - benefitting by drops in yields occurring in Bonds. Nasdaq H/L Ratio fell below its mid-line to 41.2%.

US$ and Commodities:



US$ (UUP) up a little +0.12%. Commodities were down -0.86%. Base Metals -1.63% Energy -1.12%. PMs -0.99%. Gold -0.89%. Iron Ore -0.4%. Since 10 September., Iron Ore has fallen from 58.5 to 51.9. A fall of 11.3%.

Oz Stocks in NY:




BHP -0.69%, RIO -0.85%, Woodside -1.03%, Westpac -1.93%, ANZ -0.36%, Resmed -0.44%, News Corp -2.5%, EWA -0.73%, Ozzie Dollar -0.62%.
There's not much joy in that lot.

RB