Thursday Morning Joe. 28 July, 2016. In America: [IMG] Dow Jones...

Thursday Morning Joe. 28 July, 2016.

In America:



Dow Jones -0.1%, SP500 -0.12%, Nasdaq +0.58%, NY Composite -0.31%, Russell2000 +0.17%. Mixed results last night, but still nothing drastic. Nasdaq was the benefit of good rises in a couple of big tech stocks. Stochastic RSI has broken below mid-lines on three out of five indices. This is developing more and more like a bear case.

But, NYSE NewHigh/NewLow Ratio remains bullish at 96.2%. New Lows registered just nine.

SP500:



Indicators are turning down. CCI and MFI have both closed below the middle line of their Bollinger Bands. Such a negative x-over could be a catalyst for downside action in the Index. Wait. We still need to see a confirming big down day.

Commodities:



DBC, the Commodities Index tracking ETF, was down last night -0.98%. Commodities Index has a marked effect on the Australian market, particularly showing up in Materials and Energy. Iron Ore, however, rose +1% which should have a positive effect on our big iron ore miners and Gold rose +1.61%.

DBC is now oversold, so some relief could be in store in that sector of the market.

Bonds Ratio:



Bonds Ratio is a good guide to Risk-On/Risk-Off. It is currently in neutral. A fall below the 50-Day MA would suggest a Risk-Off Market. Wait.

Consolidations like these try one’s patience. This can still go either way.
RB.