Weekend Charts and Chat. 30/31 May

Sat. a.m. 30/5/20. Mixed results in NY after Trump rattles sabre (quietly).

Yesterday in Australia.

XJO was down yesterday -1.63%.

The short-term and medium-term trends are bullish. The long-term trend is still in doubt.

Friday's action looks bearish but there's plenty of near-by support. Stay with the trend.

Overnight:Indices were generally weak for most of the session until Trump spoke about China, and buying kicked in to make most of the indices look respectable.

Dow Jones flat -0.07%. SP500 +0.48%. Nasdaq +1.29%. Small Caps -1.03%.

BKX (Banks) down -2.24%. That doesn't augur well for our Banks on Monday.

SP500:

SP5500 remains above the 200-Day MA.

Short-term and medium-term trends are bullish. Stay with the trend.

Commodities:


Commodities Index +1.73%. Base Metals +2.6%. Energy +2.58%. Gold +0.74%.

Investor Sentiment:

79% of IG clients are short the SP500. As a contrarian signal, that is bullish. Investor sentiment data isn't a great timing device, but something to keep in the background.