FundasA SPI jump of 53 pts was certainly a muted response to the...

Fundas

A SPI jump of 53 pts was certainly a muted response to the US gains.

Now we may end up doing better by Monday's end but like you I suspect we need that commodity turn around being a resource economy.

3500 still seeems the key for XJO/SPI on a closing basis and has been holding for a while.

There is a SPI gap down to 3457 which may need to be filled intraday although gaps at lows aren't always filled.

Maybe that commodity weakness gives us the Dec 12 low or 21 days after the US low like the Nov 1 top after the US Oct 11 top.

Did you notice our last top was on the new moon AGAIN.

New moons are associated with tops.

Full moons are associated with lows.

Next full moon is Dec 12!

I think I mentioned that date earlier as 21 cal days after the Nov 21 US low.

I still have no serious buy signals but the oversold nature of weekly charts and the Santa Claus rally effect suggests something shortly.

Most EW counts still suggest this as an ABC rally with C yet to happen or just starting and a final leg down to follow. Not a great EW fan though.