Weekend Charting and Chat

Waiting for the Fed.

In Australia yesterday:

Australia was up a little +0.18%. That's the third day in a row that the XJO has shown little movement. We appear to be mirroring the U.S. ahead of the Fed meeting next week, 18-19 June.

Overnight:

Dow Jones -0.07%. SP500 -0.16%. Nasdaq -0.52%. Russell 2000 -0.87%.

The sideways consolidation continues as the market approaches the Federal Reserve meeting next week. Expect that to continue on Monday. The market often shows a sharp movement on Tuesday. (Does that mean some sort of leakage from the meeting?). The Fed's decision is announced in the Wednesday afternoon when the market gyrates depending on the content and mood of the decision.

SP500:

The indicators are flattening out. If the Fed announcement is negative, the indicators will drop and give an early sell signal. If the announcement is positive, the indicators will bounce and give a continuation signal.

The short-term and long-term trends are positive. The medium term trend remains neutral. The 20-Day MA needs to cross above the 50-Day EMA to give a positive trend signal. If the Fed announcement is positive, we should see the medium-term trend return to positive.

Commodities:
Commodities Index +0.39%, Base Metals -1.05%. Energy +0.52%. Gold -0.03%.

Those figures are neutral for our resources on Monday.

Our big miners are impacted by Iron Ore prices which are not available to me on Saturday.

BHP and Rio in NY:
BHP -0.9%. Rio -1.3%.

NY prices for BHP and Rio are affected by a number of factors, e.g., prices in Australia in the preceding session, movement in indices in NY, prices for metals and oil in NY and movements in currencies.

BHP and Rio were both up strongly in Australia on Friday. BHP +1.87%. Rio +3.43%. The falls in metals prices explains some of the overnight falls in those two stocks. A weak Oz Dollar also impacted prices.

CNN's Fear and Greed Index.

CNN's F&G Index remains in the Fear Quadrant. Contrarians take that as a mildly positive effect for stocks.