Above is a Candle Stick chart for the SP500.In America: SP500...

Above is a Candle Stick chart for the SP500.

In America:

SP500 +0.59%
Dow Industrials +0.92%
Nasdaq100 +0.3%
Dow Transports -0.03%
Russell 2000 +0.65%

Comment: A sound reversal day recovering above near term support. Volume was good, with R2K solid.

NewHighs/NewLows. 75/244. Ratio: 23.5%. NL>NH. Out of the Do Not Sell Zone. New Lows are now at extremely high levels.

Technical Comment on the SP500 (closed at 1640.42)

Indicators:

MACD Histogram. Below zero. Negative but rising.
MACD. Below zero. Negative. Sell the Rallies.
RSI.9 is at 48.9. A rise back above 50 would suggest the pullback is over..
Stochastic. 27.5. Negative.
CCI.14: -146.5. Negative..

Support and Resistance:

Horizontal Support: 1593.4. Near term support: 1636
40-Day TMA: 1612.4.
20-Day TMA: 1650.4.

Whenever the CCI has dipped below -100 in this bull rally, the Index has been bought and gone on to new highs. There's no room now for failure.

Factors affecting Australia: US$ Gold up, +1.7%; Copper up, +1.79%; Oil, +1.82%; Coal, +0.39%; AUD, +1.88%. The Ozzie Stocks ETF on the NYSE (EWA) was up +2.21%. The pull back in Australia, as I suggested last night, may be over. Now we'll wait and see if a large head/n/shoulders top formation develops.

Redbacka.