Indices 18/03, page-25

Dow Bearish, but Mixed results in U.S. on Friday. 23/3/24

Dow Jones -9.77%. SP500 -0.14%. Nasdaq +0.16%. Small Caps -1.21%. Regional Banks -2.05%.

Ominous bearish engulfing candles on Dow Jones, Small Caps and Regional Banks.

SP500.

SP500 remains in a strong long-term up-trend.

The two latest narrow range doji candle-sticks suggest indecision and, coming at the top of the trend, suggest a pull-back is in the offing. But - any pull-back has been bought by the "buy-the-dippers" and there is nothing in the chart to suggest anything to the contrary this time.

Commodities.

Commodities Index fell back last night. Commodities Index -0.7%. Energy -0.68%. Base Metals -1.27%. Agriculture +0.67%. Gold -0.8%.

Below is a full chart for the Commodities Index.

Commodities Index is at a major horizontal resistance level.

When Hull MA13 turns down while Schaff Trend Cycle is in the overbought zone - that's usually a reliable indication of more downside. Commodities Index is heavily weighted to Energy - so we can expect Energy to fall. DZ Stochastic is on a "sell" signal.

Despite the negative leads from the U.S. overnight, Ozzie Futures are on the positive side, +0.09%.

Good luck.