A miracle. Sir Buy-the-Dip lives. U.S. indices up. Energy up...

A miracle. Sir Buy-the-Dip lives. U.S. indices up. Energy up marginally. Gold up.

Dow Jones +0.8%. SP500 +1.11%. Nasdaq +1.24%. Small Caps +1.24%. Small Caps +0.42%. Banks +0.45%.

SP500

The short-term trend remains down despite last night's solid rise which took the Index marginally back above its 20-Day MA. We need to see the index back above the narrow Bollinger Bands (20/0.5) to once again feel sure that this pull-back is over.

The medium-term trend remains up. RSI is back above its mid-line (50). MACD is still far from crossing over below its zero line although momentum has slowed (Histogram well below zero).

Last night's candle is within the range of Thursday's candle, so there remains indecision in the market.

Another pointer to this pull-back being over would be a close above Thursday's high. At the moment, the jury is still out on the direction of the market.

Commodities.

Commodities Index +0.51%. Energy +0.05%. Base Metals +0.79%. Agriculture +1.13%. Gold +1.71%.

Commodities, after being up six days in a row, are looking precarious at the top of a long sustained bull rally. I wouldn't be surprised to see a pull-back.

Yesterday in Australia, XJO down -0.56%, but intra-day buying took the edge off an early big sell-off.

Friday's action took the Index back below the 20-Day MA but it bounced to finish back above that bench-mark.

The medium-term trend remains up. Stay with the trend.

Good luck.