SP500 +0.32%, Dow Industrials +0.53%, Nasdaq100 +0.34%,...

SP500 +0.32%, Dow Industrials +0.53%, Nasdaq100 +0.34%, Russell2000 -0.53%, Transports -0.02%

It was a wild night in New York. If you look, for instance, at the candles for Transports and Nasdaq100 you see narrow bodies and long upper and lower wicks. Wild swings up and down – basically going nowhere. Large Caps Dow Industrials up +0.53%. Small Caps Russell200 down -0.53% – inverse. Looking at volume – you can see that volume was higher than average. Bulls and Bears battling for supremacy.

I can’t access my usual chart provider this morning – so I have to resort to the clay tablet model. Here’s the (limited) chart for SP500 courtesy of Stock Charts:

The SP500 dropped below the 50-Day Moving Average and bounced strongly. That’s a bullish sign. Volume was the highest (omitting OpEx Days) since the retracement back in January. The bulls seem to have had the best of today. But breadth is still poor. Russell2000 was down moderately. The Nasdaq had a very poor ratio of NewHighs/New Lows 25/110 and Trin (another measure of breadth) was a bearish 1.36. (Above One is bearish.) We may see another day or two on the upside, but if we keep getting poor breadth figures, we’ll probably see a lower low in the near future.

At this stage, we may be seeing a bit of end-of-month window dressing. So the rest of this week could be OK, at least on the large caps where institutions play.

Commodities:

Commodities were bearish with the CRB down -0.27%. For Australian Miners – the Industrial Metals were down heavily -0.72%. Precious Metals down a little -0.18%. Precious Metals Index is stalling at the 200-Day Moving Average – not a good sign.

BHP on the NYSE -1.1%, but today’s candle did have a long lower tail, so there was buying support. Westpac +0.64%. (Punters love these banking stocks for the divvies.) EWA +0.76%. Ozzie Dollar -0.26%. Given the negative figure on the Ozzie Dollar, those results for the Ozzie stocks were quite good. BHP was down, more or less, in line with the Industrial Metals result. So our miners (and the Goldies) might be under some pressure today. But other sectors will probably be on the up.

Redbacka