Fri. a.m. 1/1/21. NY stocks surge in the last two hours of 2020 trading.
Overnight:Dow Jones +0.65%. SP500 +0.64%. Nasdaq +0.14%. Small Caps +0.08%. Banks +1.12%.
With two hours to go in 2020 trading, major indices were in negative territory, but a late strong surge took them all into positive territory. What a difference from Australia. I guess we'll be playing catch-up on Monday.
SP500:
Below is a one-day intra-day chart of the SP500. You can see just how strong the surge was in the last two hours of trading.
Here's the regular daily chart:
SP500 remains within its up-trending channel and above the Hull Moving Average(13).
Stay with the trend.
SPX/XJO Compared.We can see that since the end of October, the two indices have been fairly well correlated. But then, the last two days of the year saw the XJO diverge markedly from the SPX.
One can postulate why - rising Covid19 cases in Sydney?, but the U.S. has hardly been free from such negative influences. I still think it's due to some big players pushing our market around for their own ends.
The Santa Rally is alive and well in the U.S., but not in Australia.
Commodities:
Commodities Index +0.41%. Energy +0.56%. Base Metals -0.35%. Gold +0.37%.
Sentiment:
AAII Sentiment Survey remains at an historically high level. Contrarians take this as a warning to watch for signs of a pull-back.
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- Weekend Charting and Chat 1/3 January, 2021
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