Wednesday Morning Joe. 24 August, 2016.
In America:
Indices opened well up but gave back most of it as the day progressed. Dow Jones +0.1%, SP500 +0.2%, Nasdaq +0.3%, New York Composite +0.29%, Russell 2000 +0.71%. All indices remain above the 20-Day MA, which is a measure of the short term trend.
NYSE NewHigh/NewLow Ratio remains bullish at 97.4%. New Lows are at 6. If we see a big increase in New Lows, the up trend could be in trouble. NH/NL Ratio has been a good guide for remaining with the up trend.
SP500:
Commentary on the SP500 has become a broken record: “The Candle-stick Chart for the SPX remains bullish but momentum has slowed. The short term Stochastic (14.3.5) has failed so far to climb back above the long term Stochastic (50.10.10). The Bollinger Bands on the long term Stochastic have squeezed tightly together. A -ve divergence is clear on the MFI. But, until the 20-Day MA is broken we’re still in the up trend.” Stay with the trend.
Commodities:
DBC, the Commodities Index tracking ETF up +0.4%. After a two day pull-back, we have a positive day. Two down days is about all we see in a bullish up trend. Energy up, +1.15%. Industrial Metals flat +0.07%. Gold flat -0.02%. Iron Ore up +0.82%.
We should have another solid day today.
RB.
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