In Australia yesterday:
XJO was very strong, up +0.91%.
XJO has formed an ABC Trader VIC reversal pattern. Dynamic Zone RSI has given a buy signal, as has the 3/10 MACD. That’s all positive.
For the nervous nellie’s (like me), I’d like to see confirmation from the Hull MA (20) and the Dynamic Zone Stochastic. Given overnight events (see below), we’ll probably have confirmation on Monday.
Small Ordinaries (XSO) was not nearly as strong, up +0.29%. That may not be a concern as there are a lot of Gold stocks in the XSO. Gold stocks (XGD) down on Friday -1.23%.
Overnight:
The American market performed strongly with all four indices sketching out ABC Trader Vic upside reversal patterns.
Dow Jones +1.21%. SP500 +1.09%. Nasdaq +1.34%. Russell 2000 +1.79%.
Despite the strong figures there is some evidence of intra-day selling (long upper wicks on Friday’s candles). We might see a pause or a settling back on Monday.
Commodities:
Commodities Index 1.19%. Base Metals +0.6%. Energy +1.93%. Gold -0.55%.
Those are positive figures for our resources on Monday.
In NY overnight, BHP was up very strongly +2.71% and Rio up +3.83%. Woodside also up +1.96%.
