Weekend Charting and Chat - 1st July 2016, page-6

Election Sausage Sizzle Day today. Find where you can exercise your democratic sausage rights here:
http://www.electionsausagesizzle.com.au/

In Australia yesterday:

XJO Chart:



Friday in Australia saw some selling pressure in the second half of the day. Perhaps that's not surprising given previous strong rises, a public holiday in America on Monday, and the minor overhead horizontal resistance line. Indicators are on the rise and have plenty of upside room to move higher.

Just overhead is a congestion zone which might slow matters up. Friday certainly showed that momentum was slowing. Action might get turgid from here on for a few days.

In America:



SP500 had a modest rise. That's not surprising given the looming Independence Day Celebrations on Monday. Traders would be looking for safety with a three-day weekend, and taking profits after three strong days to the upside.

NewHighs/NewLows Ratio on the NYSE was exceptionally bullish at 98.1%. New Lows were a meagre 8. NAsdaq NH/NL Ratio is also bullish at 86.7%.

Advance/Decline Cumulative set another New High:



Barring Black Swans, the SPX looks likely to reach a new high in coming days.

Flash Back to Keating with Yothu Yindi:



I well remember those days before Vanilla Elections numbed our minds with ennui. Get the look on the face of the woman at right.

RB.