30/7/22. Yesterday in Australia. XJO up yesterday +0.81%. The...

30/7/22. Yesterday in Australia.

XJO up yesterday +0.81%. The chart remains within the Kumo Cloud - the no-trading zone.

Negative divergence on CCI hints at a possible pull-back in the near future.

Dynamic Zone Stochastic remains overbought. A break below the top channel line would be a short-term sell signal.

Overnight in the U.S.

Dow Jones +0.97%. SP500 +1.42%. Nasdaq +1.88%. Small Caps +0.84%. Banks +1.38%.

SP500.

This chart is now bullish in both the medium-term and short-term. Long-term remains in doubt while the chart remains below its 200-Day M.A.

SP500 closed above the Kumo Cloud - which is a bullish sign.

Looming over-head is a major horizontal resistance line set up by the highs back in early June.

CCI suggests the SP500 might have trouble breaking above that resistance line. Look for a consolidation and see how that pans out.

July has been good for markets - it is a seasonally strong month. But, we are now coming into three seasonally weak months: August, September and October, although October often sees a major break to the upside in the latter part of the month.

Commodities.

Commodities, except for Energy remained strong last night.

Commodities Index +0.45%. Energy -0.04%. Base Metals +2.39%. Agriculture +0.3%. Gold +0.29%.

Last night in America, BHP +1/89%, RIO +1.92%.

Those results bode well for Australia on Monday.