biggdaddys rdo thursday, page-2

TU from me, Disco, for stepping into the gap.

In America:

Dow Industrials -0.08%
Dow Transports +0.92%
SP500 -0.25%
Russell 2000 +0.33%
Nasdaq100 +0.29%

Comment: The bears had their chance last night to hit a telling blow, but failed. ADP Employee Services Report showed a disappointing pick-up in new employees. That was followed by a report showing U.S. factory orders fell. The market dropped on the news, but selling was weak and the bulls picked up the market to finish more or less flat. Volume was low indicating there was no conviction in the selling. If the market doesn’t fall on bad news = bullish market.

NewHighs/NewLows 107/26. NH>NL. The ratio of NH/(NH+NL) is at 80.5%. The Ratio remains (just) in the “Do Not Sell” Zone above 80. The New Low figure is in the “nervous” zone.

Technical Comment on the Dow 30:

The Dow finished at 13268.6. Resistance at 13300 (round numbers).
Indicators:
Stochastic: 90.8. Overbought. Caution.
RSI.9 is at 63.5. Positive. Still in rarefied air.
MACD Histogram. Above zero. Positive but falling slowly
MACD. Above zero. Positive.
CCI.14: +107.92. Negative divergence. A fall below +100 would be negative.

The 10-DayEMA is above the 20-DayEMA. Positive.

The trends on the Dow and SP500 remain up. Respect the trends. The Index still needs to get above 13300 to prove itself. A big down day would be bearish.

Here’s an update on the AUD/JPY that I usually show in my Weekly Report. Last night’s rebound at “double whammy” support is positive. That suggests that the measured move down from the H’n'S top won’t reach the projected level. That’s a positive for the Australian stock market.

Dr Copper doesn't agree, down -1.47%. Today, miners could be under a bit of pressure. So? They have been for many weeks, and the Financials pick up the slack. Today - it looks like the bulls will be depending on the Financials to take the market higher. Other evidence above suggests that is possible. Let's see how it goes.

Redbacka