xjo - weekend charting and chat, page-2

Above is a Candle Stick chart for the SP500.

In America:

SP500 +0.71%
Dow Industrials +0.51%
Nasdaq100 +0.89%
Dow Transports +0.43%
Russell 2000 +0.69%

Comment: Bulls had the better of today. A solid up day on lower volume. The market continues to respect supports – but remains in a holding pattern.

In Europe.

French CAC: +0.88%
German DAX: +0.29%
London FTSE: +0.08%
Italy MIB: +1.59%

NewHighs/NewLows. 137/29. Ratio: 82.5%. NL
Technical Comment on the SP500 (closed at 1690.5)

Indicators:

MACD Histogram: Below zero. Negative.
MACD: Above zero. Positive.
RSI.9 is at 50.5. Negative.
Stochastic. 27.4. Negative.
CCI.14: -75.5. Sliding back above -100.
Money Flow: 45.1. Below its mid-line. Negative.
Momentum: -26.1. Below zero, negative.

Support and Resistance:

40-Day TMA: 1672.1.
Major Horizontal Resistance: 1709.7 (+1.13%)
150-Day TMA: 1637.5.

I made a case yesterday that we could have seen a bottom and we might see a strong move on Friday. We had a solid day up today, but not enough to say this kerfuffle in Washington has ended. There are signs that progress is being made in the Washington dealing rooms but this could drag on for a while yet. See: http://www.nationalreview.com/corner/360413/emerging-offer-robert-costa

(Note: the National Review is a right-wing publication tending to favour the Republicans. So the opinion expressed in the above article should be read with that in mind. Still - the writer seems to have an insider's view of what is happening.)

Monday is a public holiday in Qld, NSW, Vic, ACT and SA, but the ASX is trading on Monday. Volume is likely to be affected. Following are a few things that might affect our market on Monday (particularly Energy and Materials): US$ Gold ETF, -0.51%; Copper ETF, +0.44%; Light Crude Oil ETF, +0.46%; Coal ETF, +0.73%; Steel ETF +0.89%; AUD, +0.35%. The Ozzie Stocks ETF on the NYSE (EWA) +0.87%. BHP on the NYSE +0.64%.

Full Weekly Report tomorrow.

Redbacka