In America: [IMG] DJ +0.69%, SP500 +0.68%, Nasdaq 0.47%, NYA...

In America:


DJ +0.69%, SP500 +0.68%, Nasdaq 0.47%, NYA 0.95%, Russell2000 +0.46%.
The Banks sub-index (BKX) was up +0.87%.

SP500:



Wednesday saw one of the American market's characteristically irrational knee-jerk reactions spooking the market. It served two purposes from a technical perspective. First, the gap from 24 March was filled. Secondly, the chart hit the bottom of the Standard Error Channel and has since bounced. That's positive for the bulls.

Commodities:

DBC +1.96%. Energy +1.96% Industrial Metals +2.5%. Copper Producers ETF was up +3.13%. Gold 0.5%.

All of that is positive for our market on Monday if we decide to sync with the Americans. There's no guarantee of that.

Australia on Friday:



XJO had a narrow range, inside day on Friday, finishing down a little -0.19%. Volume and Turnover on the ASX were exceptionally low. Volume was 18% below its 10-Day MA, and Turnover was 21% below its 10-Day MA. (XJO makes up about 80% of the total market so its Volume and Turnover would be similarly low.)

Friday's trading in the XJO finished well off its lows, and in the top half of the day's candle.

On Thursday, I made a case for the XJO to be at or close to a low for this pull-back. Nothing occurred on Friday to change that view.

Full weekly report tomorrow.

RB.