XJO Weekend Charting and Chat - 1st September 2017, page-4

In the U.S.
Dow Jones +0.18%, SP500 +0.2%, Nasdaq +0.1%, NYA +0.36%, Russell2000 +0.59%.



Breadth was good but blue chips (DJ), large caps (SPX) and Nasdaq were more subdued.

Plenty of reasons exist for the subdued trading today. America now goes into a long weekend for Labor Day on Monday. Plenty of traders would have taken time off today to get to holiday destinations. The most watched indices (DJ, SPX, NDX) have had three or four days up. The market often runs out of puff after four days up. SPX is knocking on overhead resistance. Russell2000 has been up seven days in a row – another reason for taking a pause.

Financials up modestly +0.28%. That’s the reason for the Dow Jones underperforming the other indices.
SP500



SPX hit overhead resistance today and went into pause mode. We’ll have to wait till Tuesday’s trading – and plenty can happen in the meantime.

Commodities.

DBC +0.13%. Energy +0.16%. Industrial Metals +0.92%. Copper Producers +2.19% Gold +0.19%.

In Australia yesterday:



STW (tracking ETF for XJO) was up modestly +0.24%. The chart is in a gently upsloping channel.

Here’s the good news for the Australian Market:



Above is a chart for the Australian Small Ordinaries Index (XSO). It has jumped this week above a long term horizontal resistance level. We can expect further gains for the Small Ords, and that might jerk the XJO out of its lethargy where it has been held back by poor performances in Financials and Telcos.

For a summary of Reporting Season in Australia go to:

https://www.brisbanetimes.com.au/bu...r-media-and-telco-stocks-20170831-gy87rb.html