pick a broker - wednesday, page-3

Congrats, Jeeper. Grandchildren - hmmmm. I can't say enough.

Above is a Heiken-Ashi chart for the SP500.

In America:

SP500 +0.28%
Dow Industrials +0.2%
Nasdaq100 +0.48%
Dow Transports -0.65%
Russell 2000 -0.16%

Comment: SPX and Dow30 were both up modestly on a little higher volume. NDX did better. Buying pressure was evident as the major indices were all down early in the morning until around 11. They gave up a little in the afternoon session, Market breadth was relatively poor.



Technical Comment on the SP500 (closed at 1694.16)

Indicators:

MACD Histogram: Below zero. Negative.
MACD: Above zero. Positive. Below its signal line.
RSI.9 is at 55. Positive.
Stochastic. 46.5. Mid-range. Neutral
CCI.14: -24.3. Negative.
Money Flow. Negative Divergence. Below 50 – negative.
Momentum: Negative divergence. Hovering around zero. Neutral.

NYSE NewHighs/NewLows. 139/196. Ratio: 41.5%. NL>NH. Out of the “Do Not Sell” Zone. Nasdaq NH/NL 132/30. Ratio: 81.5%. The Nasdaq NL is moving into the “nervous” zone. NYSE NH/NL below the mid-point. Market structure is deteriorating.

Support and Resistance:

Horizontal Support: 1669.2 (-1.48%)
40-Day TMA: 1667.

Today’s Heiken-Ashi Candle is a doji – which is often a reversal signal – in this case to the upside. For bears they need to break below the swing low point marked on the chart and then major horizontal support. I’ve been saying for a few days that this looks like consolidation before the next move up. Nothing happened today to change that view, but market structure is deteriorating. The short term trend remains down. Medium term - sideways.

Factors important for Australia (particularly Materials and Energy) US$ Gold ETF, -1.08%; Copper ETF, -0.1%; Light Crude Oil ETF, +0.37%; Coal ETF, +0.79%; Steel ETF -0.32%, AUD, -0.62%. The Ozzie Stocks ETF on the NYSE (EWA) +0.79%. BHP on the NYSE -0.24%.

CBA and CSL both report today. CBA yesterday was up 0.99% and CSL was up about 4%. Both finished at new closing highs. So expectations for positive results are high. Any hiccough and these could go down very quickly.

Redbacka