S&P/ASX Small Ordinaries (ASX:XSO) - The Brains Trust - 2021, 56198250, page-1993 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by gj0201: ↑

Extracts from my morning market update from IG
"The data actually came in lower than expectations, with headline CPI printing at 0.3%, below the estimate of 0.4%, and the core number coming in at 0.1%, missing the estimate of 0.3%. Core y/y CPI was 4.0%. Though most were worried about an overshooting of forecasts, and any further evidence of rising inflation in the US economy, with the Fed’s timeline for QE tapering still an ever present concern, the miss in the CPI data appeared to engender some degree of anxiety, too. Fundamentally, it would seem markets have interpreted the data as a symptom of waning demand, and a reflection of the weaker economic fundamentals brought about by a peaking economic cycle, as well as the persistent drag of the Delta variant on economic growth.
AND
"CPI figures imply less urgency to taper from the Fed"
"The VIX popped back above 20 and US equities recorded a broad-based decline,"
"Gold prices, of course, edged higher, bolstered by the weaker greenback and lower bond yields"
"All in all, markets are worried about growth again, ...."

So Bad is Bad again????? Bottom line for me is I waste way to much time thinking about these economic release figures .... but I do love watching impact on indices, currencies and Gold when they are released .... last night enjoyed watching POG live in lead up to 10;30pm CPI release and 20 minutes afterwards ... set the chart candles to 1 minute and enjoy the fun .... but that's just me.

Gold actually initially spiked down .... trigger those stops baby! and then had a solid rise ... damaged the potential ST HnS top I mentioned & increased my confidence in the (potential) IHnS call shown below:

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Commodities ... a few TA thoughts. Struck by how many red candles from Fridays so called "triple witching" day in US.
See below my quick thoughts against my commodities watchlist on IG
(FWIW for a number of years I have been concerned by single candlestick observations because so many charts following same commodity/index have different opening and closing times; so one charts hammer may be another charts solid green candle ..... but anyway these are my quick observations against IG daily charts in case of interest to an here.)

Gold; Neutral candle finishing at lows; A IhnS potential (see chart on post this responds to & PB opener today). A really nice level now established for the right shoulder = left sh. FWIW as a long term gold watcher I get feeling its important RIGHT here for gold to perform to determine medium term direction. I was struck on weekend how many Oz goldies were right down at their March 2021 lows.

AG - RED Ugly down trend continued on friday; interesting open this morning "little" hammer down to low from larger hammer of 9/8. So a potential Double Bottom (DB)

Aluminium - RED; Little SS (shooting star) .... looking a bit toppish to my eye

Cu - Red; small SS. Potential HnS continues; through neck for 2nd time

LIT (lithium etf) - red Broke ST T/L

URNM (see chart this post responds to); RED Huge candle; biggest since listing by several times; closed well off lows and supported at extension of previous T/L

Lead; Red Sunk like a lead weight (sorry ;-) 5th straight red day. Tops in? Looks HnS ish.

Oil; Red but well off lows Right at longer term resistance here.

Fe ore; RED RED RED; waterfall here and 1/2ed since May 2021. Stopped very close to uptrend line from 2015 and 2018 lows. Also close to strong supp from several 2019/20 lows. Looking for a bounce somewhere here. (Someone else did a nice chart of this above I believe)

Nickel; DOJI BUT a classic SS. = long wick above open = close but near the low of the day

Palladium; Green low spread day & interestingly a 3 day Harami (what I call multi days that finish within the range of a previous candle) = thought of as indecsisive between bulls and bears and a classic reversal signal. = bullish

Rare Earth ETF; Red. Finished right on short term Up T/L

Platinum; green continuing a week of indecisive low range candles

Zinc; Red SS that hit the underside of uptrend line from Covid lows & then retreated = potial very bearish.