XJO 0.82% 7,986.3 s&p/asx 200

Weekend Charting and Chat. 29Feb/1Mar

  1. 9,433 Posts.
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    https://hotcopper.com.au/data/attachments/2015/2015127-48017044cae586c2e8ff7d0ba7d97c42.jpg
    In Australia yesterday:
    https://hotcopper.com.au/data/attachments/2015/2015133-8e8656244ce798947d3cd41967dcbed6.jpg

    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.
    https://hotcopper.com.au/data/attachments/2015/2015136-600fd922f9de92be50b70c01aa55dc28.jpg

    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:

    https://hotcopper.com.au/data/attachments/2015/2015138-681f54597c260ad6f76eac2cc668910d.jpg

    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:

    https://hotcopper.com.au/data/attachments/2015/2015141-fbc6a285820d81b6af9319581cc5f1ef.jpg

    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:
    https://hotcopper.com.au/data/attachments/2015/2015144-f1345472b9dd870a699ba76e95e3b91a.jpg

    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:

    https://hotcopper.com.au/data/attachments/2015/2015147-b362e77d9f717ecdc455c0ac7a75b40c.jpg

 
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