SP500 +0.28%, Dow Industrials +0.51%, Nasdaq +0.14%, Russell...

SP500 +0.28%, Dow Industrials +0.51%, Nasdaq +0.14%, Russell 2000 +0.17%, New York Composite +0.43%.



Dow Industrials and NYA were the strongest of the major indices.  SPX up only modestly.  NAZ and R2K barely budged.  Not much action given that Auntie Janet spoke - but the media made plenty of it, as they always do.

Here’s the detailed chart for SP500:



SPX remains in a strong uptrend.  Yesterday's comments can be reiterated: "The Index is overbought on the MFI, but it usually needs a negative divergence before the Index falls.  It doesn’t have to be that way – but that’s what usually happens.  So there’s probably more in this.  The chart will tell us when the Index is starting a decline.  Look especially for MACD Histogram below zero and a fall by the chart into the darker yellow BBs."

Commodities:

CRB flat +0.13%.  Industrial Metals up strongly +1.51%.  Spot Iron Ore continues unchanged.  It's been at 63.4 now for five days in a row.   Energy down modestly -0.37%.  GLD flat -0.15%.

Again - yesterday's comments can be reiterated:  "I can’t see much happening in our market today.  Maybe down a bit.  Financials will be the key.  They continue to look weak and may be ready to pull our market into a retracement."  I thought yesterday we might be down a bit.  We finished up a bit.  Maybe we'll be down a bit today - but not much in it.

Redbacka.