XJO

0.67%

8,150.0 s&p/asx 200

I'm all in! Despite dow going whooshka, s&p failed to close...

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banjobob

12 Posts.

17/07/24

10:32

Post #: 74789165
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Originally posted by redbacka: ↑

Dow Jones +1.85%. SP500 +0.64%. Nasdaq +0.2%. Small Caps +3.57%. Banks +3.02%.
Nasdaq was still in negative territory until the last few minutes of trading.

Dow, Small Caps and Banks all show "blow-off" candles. Coming at the top of a trend, that's not a great sign. There could be more in this, but it looks like Fear of Missing Out FOMO to me. Weak hands chasing the price up.

The following is, I believe, a cautionary note on CNBC today from Bespoke Investment Group which noted that Small Caps are now 4.4 Standard Deviations above its 50-Day MA. Small Caps have never been that far ahead before in history. And only three times in history has such a reading been recorded by major industries: Dow 1900, SP500 in 1928 and Nasdaq in 1971. How much higher can it go with such history behind it?

SP500
SP500 remains within its bearish upsloping wedge. A standard measure move on the chart above indicates where a retracement might target. That's a move of about -7.6%.

Commodities.

Commodities, apart from Gold, are not favourable for our Resource Stocks today - but that won't stop a strong start to the day.
Commodities Index -0.32%. Energy -1.16%. Base Metals -1.43%. Agriculture -1.48%. Gold +1.99%

After 20 minutes of trading this morning, XJO is up +0.42%.

Take care.

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I'm all in! Despite dow going whooshka, s&p failed to close higher that previous day. Small risk with stop at high, and lots of potential downside using RBs experience as a guide.

XJO Value at posting: 8,035.2
4 Upvote

0 Great analysis

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Last 8,150.0		Change -55.200(0.67%)		Mkt cap ! n/a

Open	High	Low
8,205.2	8,205.2	8,107.6

I'm all in! Despite dow going whooshka, s&p failed to close...

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Buxton projects new graphite province discovery at WA Narryer play

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

BCI reaches close of funding facility for salt-first part of Mardie project

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

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I'm all in! Despite dow going whooshka, s&p failed to close...

Top Stories

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Buxton projects new graphite province discovery at WA Narryer play

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

BCI reaches close of funding facility for salt-first part of Mardie project

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

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