In Australia yesterday:We've now had six days down in a row. We rarely get more than seven days down in a row. RSI is at 20.24.
The XJO is now well below the 200-Day MA - that could act as resistance to any rebound. (Just a little pessimism on my part creeping in there.)
Overnight in the U.S.Dow Jones -1.39%. SP500 -0.82%. Nasdaq +0.01%. Small Caps -1.67%.
Today may have been a wash-out day: heaviest volume in this decline and indices finished above their opening level. Nasdaq actually finished in positive territory.
Candles on the Dow Jones and SP500 are "hanging man" candles - which often come at the end of a big fall. Confirmation of an up-day is needed.
RSIs for three out of four indices are in "miracle needed" zone, i.e., below 20. Rarely do we see that level without a rebound.
SP500:The day's trading was characterised by wild swings, with SP500 finishing well above its opening level.
ROC(2), first panel below the Index chart, is showing a possible positive divergence. A positive day on Monday would provide a short-term buy signal.
Commodities Index -1.73%. Base Metals -0.22%. Energy -2.12%. Gold -3.65%.
Not much joy in those numbers.
CNN Fear and Greed Index:F&G is now in the Extreme Fear quadrant. I can stay there for a while before the market recovers.
Meanwhile, over in the White House, POTUS calls for his miracle worker:
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