In America:
SP500 +0.17%, Dow Industrials +0.15%, Nasdaq100 +0.05%, Russell 2000 +0.37%, Transport +0.21%
The day followed the standard script for OpEx Day – narrow range, high volume.
Range on the SP500 was extremely narrow - the narrowest in % terms in the past 100 trading days shown on this chart. I looked back a bit further than this and still couldn't see a narrower range day.
Here’s the detailed chart of the SP500:
The Index has been up for six days in a row. Seven days up is rare. But Monday, lately, has been relatively positive – so there’s a chance.
This is set up for a pullback. Six days up and very overbought. MACD Histogram might be setting up a negative divergence. Since early April, bears haven’t been able to sustain a downward push for more than two or three days. Maybe I’m brain-washed – but looking at this I can’t see much chance of a correction.
Commodities:
CRB Index +0.38%. That increase was largely due to a good session in Industrial Metals +0.66%. Copper was again very strong, +1.34%. Precious Metals continued upwards +0.35%.
Ozzie Stocks in New York: BHP -0.79%, Rio Tinto -0.4%, Westpac -0.46%, ANZ -0.57%. EWA -0.34%.
Ozzie Dollar -0.15%.
XJO in Australia on Friday was down -0.79%. Given the AUD depreciation, the falls in the Ozzie stocks in New York were quite muted.
Full weekly report tomorrow.
Redbacka
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- Weekemd Charting and Chat - 20 June 2014
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