election eve - friday, page-2

Bluey - nice to see you back on deck.

Above is a Candle Stick chart for the SP500.

In America:

SP500 +0.12%
Dow Industrials +0.04%
Nasdaq100 +0.17%
Dow Transports +0.56%
Russell 2000 +0.3%

Comment: A narrow range reversal day on low volume. Not much conviction either way.



French CAC: +0.66%
German DAX: +0.48%
London FTSE: +0.89%
Italy MIB: +0.78%

The relatively positive European results are indicative of the tone early in the session on the NYSE.

NYSE NewHighs/NewLows. 93/46. Ratio:66.9%. NL
Technical Comment on the SP500 (closed at 1655.08)

Indicators:

MACD Histogram: Marginally below zero. Neutral.
MACD: Below zero. Negative.
RSI.9 is at 51. Positive.
Stochastic. 44.3. Positive
CCI.14: -15.8. Rising – bulls want this above zero.
Money Flow. 48.2. Broken above its down trend line. Positive. It still needs to get above 50.
Momentum: Above zero. Positive.

Support and Resistance:

Horizontal Resistance: 1669.2 (+1.89%).
Horizontal Support: Recent low – 1627.7
150-Day TMA: 1615.3.

Indicators are mid-range or near the zero line. These are where reversals often occur. The Index chart is getting into an area of heavy resistance – Volume has been heavy in the past in this zone. Horizontal resistance is just above, the down trend line from early August is nearby, as is the 30-Day TMA. If the medium term down trend is to re-assert itself, it’s in this area where it should turn down. In the meantime – the short term trend is up. So, we have upward pressure and downward pressure coming to the pointy bit. We’ll get some definitive action soon.

Factors important for Australia (particularly Materials and Energy) US$ Gold ETF, -1.83%; Copper ETF, -0.41%; Light Crude Oil ETF, +0.91%; Coal ETF, +1.56%; Steel ETF +0.93%, AUD, +0.58%. The Ozzie Stocks ETF on the NYSE (EWA) -0.57%. BHP on the NYSE -0.65%.

Redbacka