Dog Day Friday, page-5

Friday Morning Joe. 26 August, 2016.

In America:



Another narrow range day with a downside bias. Dow Jones -0.18%, SP500 -0.14%, Nasdaq -0.11%, New York Composite -0.06%, Russell 2000 +0.22%. DJ and SPX both finished below the 20-Day SMA, a measure of the short term trend. RSI for the Dow Jones is now below 50. DJ usually leads up and down. Caution

NYSE NewHigh/NewLow Ratio remains bullish at 88.4%. New Lows are at 16. That's the highest result since 3 August, but hardly enough to cause concern. If we see a big increase in New Lows, the up trend could be in trouble. We haven’t seen that today. NH/NL Ratio has been a good guide for remaining with the up trend.

SP500:



MFI is now below its mid-line. DPO is just above zero. CCI is below zero. The Bollinger Bands on the long-term Stochastic (50.10.10) are squeezed tightly together. The last two times that happened at the highs a down turn occurred. It wouldn’t take much more to send this into a short term down trend. First major test would be the 50-Day MA and the Super Trend Line which are more or less aligned. Caution.

Commodities:



DBC, the Commodities Index tracking ETF, up +0.4%. Any pullback is likely to be bought. Energy up, +1.06%. Industrial Metals up, +0.3%. Gold flat -0.09%. Iron Ore down -0.65%. Iron Ore remains in a tight sideways range. Except for one day in August when it fell to 58.9, IO has ranged between 60-61.8.

It looks like we'll have another narrow range wandering day today.

RB.