![](https://australianmarketreport.files.wordpress.com/2024/03/screenshot-2024-03-09-at-9.30.16-am.png?w=1024)
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.
![](https://australianmarketreport.files.wordpress.com/2024/03/screenshot-2024-03-09-at-9.27.44-am.png?w=1024)
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.
![](https://australianmarketreport.files.wordpress.com/2024/03/screenshot-2024-03-09-at-9.24.43-am.png?w=1024)
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.
![](https://australianmarketreport.files.wordpress.com/2024/03/screenshot-2024-03-09-at-9.56.29-am.png?w=1024)
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.