Fri. a.m. U.S. markets fall. Base Metals down, Gold down. Energy flat.
Dow Jones -0.47%. SP500 -0.6%. Nasdaq -0.64%. Small Caps -1.26%. Banks -0.3%.SP500
SP500 is starting to show initial pull-back signs. The chart has closed below the 5-Day EMA, SMI has finished below its signal line and the 5-Day EMA of Force Index is below the 13-Day EMA and below its zero line. Those are early "sell" signals.
Strong support lies at the 10-Day MA Ribbon and then major horizontal support. Look for a bounce in those areas.
Breadth.
Breadth as measured by the Cumulative A/D Line for the NYSE shows a clear divergence from major indices. So the recent Trump rally hasn't been supported by good breadth. That could mean we are looking at the start of serious pull-back.
A similar negative divergence occurs on the Bullish Percent reading for the SP500, another measure of breadth, this one specifically referring to the SP500:
Commodities.
Commodities Index -0.09%. Energy +0.06%. Base Metals -0.51%. Agriculture +0.86%. Gold -0.26%.
Despite the weak news out of America, ASX Futures finished up +0.63%, which means the ASX will start in positive territory this morning.
Take care.
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Last
4,871.8 |
Change
34.700(0.72%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 4,837.1 | 4,882.1 | 4,825.7 |
| XTL (ASX) Chart |