In America:Dow Industrials +0.63%Dow Transports...

In America:

Dow Industrials +0.63%
Dow Transports +0.83%
SP500+0.54%
Russell 2000 +0.86%
Nasdaq100 +0.52%

Comment: An up day where the indices confirmed each other. The more volatile Transports and RUT (Russell2000) did better than the major indices. That's positive. It would have been better if the Nasdaq100 had performed a little better than the Dow Industrials. Some panic selling was still evident with New Lows just above 50 at 53. New Highs remain subdued at 32 ? we need to see them rise above at least 50 and for the 3-Day Average of the New Highs to cross above the 3-Day Average for the New Lows. Those two indices are pincing inwards but still haven't crossed. Volume was very low ? about three weeks since we saw such low volume. That may be a blessing - high volume might conceal selling by the smart money.

The Materials Sector +0.85% and Energy Sector +0.27%. (Mixed numbers for Australia, but better than two very negative ones.)Eight out of nine S&P Sectors were up. The Financials were down a tad -0.07%. The Banking Sector was weak -0.48%, Semi-conductors were relatively flat +0.13%. I would have liked to see better performances from those two bell wether sectors.

Europe:
France -0.633%
Germany -0.19%
London -0.38%

The DAX (Germany) remains above the neck line of a possible head?n?shoulders top. That?s a positive.

Gold in U.S. Dollars is flat +0.01%. Gold in Oz Dollars is up a tad +0.15%. AUD ? AUD/USD down -0.4% to finish at 105.81. Major support lies around 105. Overhead resistance still needs to be overcome at around 107.7

EWA (the ETF for Australia) was down -0.71%.

Technical Comment on the DJ Industrial Average:
The DJIA finished at 12080.4. Back above the magical 12000 barrier.
Above the 13-Day MA. Positive.
Marginally above the 150-Day MA (positive).
Indicators:
Stochastic: 21.6. . Above its signal line and above 20. Positive.
The 13-Day MA is above the 150-Day MA. Positive
RSI.9 is at 46.4. Now in an uptrend but still needs to kick above 50.
MACD Histogram above Zero . Momentum is now to the upside. Positive
MACD below Zero. Negative. But above its signal line.
CCI.14: -52.7. In an uptrend. (Not shown on chart above).

The Indicators are slowly turning positive e. MACD Histogram and Stochastic are now giving bullish readings - that's positive - but we need to see confirmation by the RSI.9 climbing over its mid-lin
.
Chart Pattern

The chart has had three days up and close to a short term horizontal resistance area at 12120. It needs to close above that area to confirm an up trend. Three days up in a bear market is often as much as a retrace can manage.

The market could see some hesitation here. It would be a positive if the market could have a big up day on stronger volume in order to crack that short term resistance area. A break above that and out of the Pitchfork would be even better.

Good luck
Redb