BiggDaddy - always up beat. :) "The XJO Zoomba Lounge - fast becoming famous - is the place to educate and be educated. To see and be seen. To rub shoulders with the geniuses of TA... or just cry in the corner and get drunk."
I dunno about any of that. What follows is a dour market summary. Must be my Presbyterian/Jewish upbringing.
Comment: Another mixed day - the Industrials had a moderately up day while the Nasdaq went the other way. Panic selling abated with New Lows just below 50 at 49. New Highs remain subdued at 25 - 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. (Panic selling might have abated: but certainly not replaced by irrational exuberance.)
Volume was very high - but some of that can be attributed to Options Expiry.
The Materials Sector -0.56% and Energy Sector -0.62%. (Those aren't good numbers for Australia.) Only two out of nine S&P Sectors were up. That's a bit surprising given the mildly positive finish on the S&P500.
The Banking Sector was very strong +1.09%, but Semi-conductors down -1.44%. Those two sectors epitomise the ragged nature of the market last night.
Europe: France +0.83% Germany +0.76% London +0.28%
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 up +0.71%. Gold in Oz Dollars is up a tad +0.09%. Oz Gold was held down by the stronger AUD - AUD/USD up +0.54% to finish at 106.23. Major support for the currency lies around 105. Overhead resistance still needs to be overcome at around 107.7
EWA (the ETF for Australia) was up 1.19%.
Technical Comment on the DJ Industrial Average: The DJIA finished at 12075. Back above the magical 12000 barrier. Below the 13-Day MA. Negative. Marginally above the 150-Day MA (positive). Indicators: Stochastic: 12.9. Oversold. Above its signal line. Still needs to rise above 20. The 13-Day MA is above the 150-Day MA. Positive RSI.9 is at 40.2. Now in an uptrend but still needs to kick above 50. MACD Histogram above Zero . Momentum is now to the upside. MACD below Zero. Negative. But above its signal line. The bear shoulder has been negated. CCI.14: -55.6. In an uptrend.
The VIX (fear index) was down -3.87% last night. That puts it back under the upper Bollinger Band but still above the 200-Day Moving Average.
This week was positive on the Dow Industrials (0.44%), and just positive on the S&P500 (+0.04%).
The Nasdaq100, however was down -1.27% on the week. No confirmation.
I'd like to be able to say that the end of this medium term down trend is here. But there's not enough evidence for that. Today the Dow hit the 13-Day Moving Average and then retreated. That's not a good sign.
We need to get the Indicators pointing the right way - and a new higher high and higher low.
Maybe I'm being overcome by the bearish sentiment around - but I think we'll see a little bit more downside before we get a definitive upside break. That's just a gut feeling. That might only take a couple of days - or maybe a week.
We'll see.
Full weekly (dour) report tomorrow. In the meantime - have fun in the Zoomba Lounge you mob of uncouth hedonists. :)
(20min delay)