Sat. a.m. 7/11/20. Election Rally in U.S. begins to stall.
In Australia Yesterday.
XJO was up yesterday +0.82%. It has now finished opposite the congestion zone which formed in mid-October.
RSI(2) is above 95 - that's into the danger zone.
I'm looking for a consolidation or pull-back. Plenty of near-by support exists, so any pull-back is likely to be bought.
Overnight:Dow Jones -0.24%. SP500 -0.03%. Nasdaq +0.04%. Small Caps -1.04%. Banks -2.05%.
This looks like a case of "buy the rumour, sell the fact".
SP500:On cue, SP500 has stalled at oblique, down-sloping resistance. RSI(2) yesterday was above 95 - that's into the danger zone.
Plenty of support lies below. Any pull-back is likely to be bought.
At this stage the short-term up-trend remains intact.Commodities Index -0.38%. Base Metals +1.13%. Energy -2.05%. Gold +0.14%.
Base Metals was a strong result, but the gap up followed by an "evening star" candle might suggest exhuastion. So the strong result in Base Metals might not translate into a strong day for our miners on Monday.
AAII Sentiment:American Association of Independent Investors Survey shows they are the most bullish since late February. That could be a contrarian sign that the current rally is under threat.
(Don't use contrarian indicators by themselves to guide investment decisions.)
I wonder how DCT is feeling today?
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