Dow Jones -0.18%. SP500 -0.65%. Nasdaq -1.16%. Small Caps -0.1%. Banks +0.14%.
While SP500 and Nasdaq pulled back last night from all time highs, Dow Jones is still struggling to get above its 20-Day Moving Average. Somethings not right in the U.S. markets. We need to see the Dow Jones doing better to confirm the new all time highs.
SP500.
SP500 shows a bearish engulfing candle. That suggests more downside.
But – never fear – buy-the-dippers are waiting on the side-line.
Of more interest to me is the RSI14. It hasn’t dipped below its mid-line (50) since early November when this rally began.
When we see the RSI14 fall below 50 again, we might be able to call the end of this rally.
Commodities.
Commodities Index -0.31%. Energy -1.1%. Base Metals -0.45%. Agriculture -0.09%. Gold +0.85%,
Nothing in the above suggests joy for the Oz market on Monday. Friday nigh futures down -0.6% after XJO up on Friday +1.07%. That was on great results in the big 4 banks. CBA +1.84%. ANZ +1.74%. NAB +2.3%. WBC +2.59%.
Below is the chart for MVB, ETF for Australian banks.
On Friday, MVW was up +2.03%. That’s the biggest single day rise since 2 November when this rally started. MVW gapped up on 2 November, and rose >3%.
Big bang to start the rally, big bang to end the rally? We’ll have to wait and see on that one.
Good luck.
