Don't count your chickens...... - Tuesday, page-74

Markets steady. Wednesday Morning Joe. 1 July, 2015.

American and European Major Indices

The rate of descent slowed in Europe. France and Italy both showing tombstone dojis. These sometimes come at the end of a down trend - but need a big up day to confirm. Germany -1.25%. UK -1.5%. France -1.63%. Italy -0.48%


DJ30 +0.13%. SP500 +0.27%. Nasdaq +0.57%. NY Composite +0.14%. R2K +0.58%. The American indices stalled. Indices showed some optimism at the start but gave back most of it during the session. DJ30 and SPX showing tombstone dojis so this could be the end of the fall - but needs confirmation of a big up day. Nasdaq and R2K both show "inside days" - denoting indecision. Need a big up day.



Here's the detailed chart for the DJ30:


DJ30 has stalled at the late March and early April lows. So it's possible that will hold.

RSI is still not below 30, but getting close. Look for a close below 30 and then a close above before concluding that this pull-back is over.

Commodities:



US$ up +0.68%. Gold (-0.62%) and Base Metals (-0.55%) both responded by going down. DBC +2.16% had a big rise on the back of Energy +1.89% and Agriculture +5.08%. I don't show the Agriculture chart as it has little relevance for Australia.

GLD going down suggests that punters are not concerned by the Greek "crisis".

Iron Ore down -2%.

Our miners will be under pressure today. I'd expect our market to be acting more "normally" today. So with the miners weak, we'll probably open down, then we'll see where we finish.

RB.