In America: [IMG] Nasdaq Composite +0.18%. New York Composite...

In America:



Nasdaq Composite +0.18%. New York Composite -0.34%. Russell 2000 -0.28%. Dow Industrials -0.14%. SP500 -0.01%.

Generally a lack lustre session. The blue chips and the large caps finished more or less flat after being up in the mid-session. Breadth was a little weak. This is a poor result after good economic news – ISM manufacturing came out very strongly.

Here’s the SP500 chart:



Today was a “doji” candle at a major horizontal resistance level. SP500 is overbought on both the RSI.9 and the Money Flow Index. This is due now to take a rest. If tomorrow is a big down day – this rebound could be over. A more likely scenario is some sort of consolidation before the next leg up.

Commodities:



CRB Index down -0.55%, being held by the resistance of the 20-Day MA. Industrial Metals were stronger, with the spot price for Copper according to ***** up +0.68%. Iron Ore, however, was down -0.9%. It is now back under $78. GLD down -0.45%.

Oz stocks in New York:

BHP -1.24%. Rio -0.67%. Westpac -1.47%. ANZ -1.25%. EWA -1.97%. Ozzie Dollar was thumped -1.36%.

Yesterday, our market pre-empted the weakness in the U.S. – so we might not be down too much today. Melbourne is closed for Crazy Day (Melbourne Cup) so volume will be low.

Redbacka