Weekend Charting and Chat - 26th May 2017, page-8

In America:


DJ -0.01%, SP500 +0.03%, Nasdaq +0.08%, NYA -0.06%, Russell2000 -0.08%.

That's about as flat as a market can be. Into the bargain - range was exceptionally narrow and volume was down. What's going on? Must be a long week-end coming up! Yep - Monday is Memorial Day in America. Traders took off for the Hamptons and left the office in charge of the new intern. (Who was terrified of making an error, so did nothing at all.)



SP500:



Indicators are on Buy Signals. The Index is above a major resistance zone. A test of the old resistance level as support seems likely. That now coincides with the 13-Day EMA, so any test if likely to be successful

Commodities:

Stocks might have taken a holiday, but it was business as usual in commodities and currencies. DBC +0.75%. Energy +1.49% Industrial Metals -0.19%. Copper Producers ETF was up +0.24%. Gold +0.89%. U.S. Dollar +0.24%

In Australia:

The correlation between the Australian market and the American market has improved a little in the past few days but is still very weak. So the above doesn’t provide much of a guide for Monday, especially with the U.S. having a long weekend.

XJO was down heavily yesterday. The short squeeze I was hoping for in the banks didn't eventuate.



The 13-Day EMA is acting as resistance. The XJO is caught between horizontal support and the 13-DEMA. Wait.

RB.