Weekend Charting and Chart, page-6

In America:



Nasdaq Composite +1.02%. New York Composite +0.72%. Russell 2000 +0.82%. DJ Industrials +0.99%. SP500 +0.86%.

After Thursday’s big fall, the markets rebounded strongly. Media was flummoxed by the big fall on Thursday – they really couldn’t find a reason for it. I mentioned yesterday some technical reasons for a rebound today. But there’s no doubting the strength of this session. Still, not enough to recoup all of Thursday’s losses. The Blue Chips (DJ Industrials) held the 50-Day MA. That’s a positive. SP500, which fell Thursday below its 50-Day MA, clawed back above.

The market remained in a narrow sideways trading range until a little before 2.00 p.m. It broke upwards above resistance of the trading range and sprinted for the next hour. A little was given back in the last hour of trading. So – is that the end of the pullback? Let’s have a look at the SP500:



The Index now has dual overhead resistance to contend with. MACD Histogram moved up in this session, shorters were waiting to take their profits, and it looks like they covered in that one-hour period mentioned above.

The 100-Day MA (blue dashed line) has been solid support for a long time. Until the 50-Day MA breaks below that, this uptrend remains intact.

Commodities:



CRB Index +0.4%. Industrial Metals Group -0.09% but early but suffered selling in the latter part of the day. Copper up +0.27%. Along with most of the IMs, Copper suffered late session selling. (I don’t have an up-to-date Iron Ore price, but IO prices in China rose on Friday, so that’s promising.)

Precious Metals -0.41%. GLD -0.28%. (Is there a Gold bull still alive? When the last one dies, we’ll get some sort of tradable rebound.)

OZ stocks in New York:

BHP -0.23%. Rio -0.28%. Westpac +0.07%. ANZ +0.15%. EWA -0.33%. Ozzie Dollar -0.29%. Given the -1.2% fall in Australia on Friday, and continued weakness in the Ozzie Dollar, those results are quite good.

Full weekly report tomorrow.

Redbacka