XJO 0.53% 6,601.1 s&p/asx 200

Charting and Chat 21/22 Nov.

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    Sat. 21/11/20. NY stocks fall overnight.

    Yesterday in Australia:

    https://hotcopper.com.au/data/attachments/2670/2670313-e6cfa060863984c7b38cb21a09c8f123.jpg
    XJO fell marginally yesterday, down -0.12%. The chart remains bullish but momentum has slowed. Divergence on the CCI suggests we'll see a pull-back.

    Overnight:

    https://hotcopper.com.au/data/attachments/2670/2670318-ea8f10bfde48f84dee0e0bfa0cd95e83.jpg


    Dow Jones -0.76%. SP500 -0.68%. Nasdaq -0.42%. Small Caps -0.16%. Banks -1.41%.


    Ten out of eleven Sectors were down. The only one up was Utilities and that was barely up, +0.02%.

    SP500:

    https://hotcopper.com.au/data/attachments/2670/2670320-3032aad99eba2cd5bdc1161c34bd04ca.jpg

    The HullMA(13) has rolled over and the DZ Stochastic has broken below its upper band. Both of those are initial short-term sell signals. SP500 has found support previously (three times since early Nov.) at the HllMA200. If that fails, we might see more downside. The Three Supertrend Lines remain bullish, so any pullback is likely to be bought.


    Commodities:

    https://hotcopper.com.au/data/attachments/2670/2670323-bde660dc3655c7e0fbfe5f00004714b4.jpg


    Commodities Index +0.52%. Energy +0.9%. Base Metals rising exponentially +1.13%. Gold +0.3%.


    The exponential rise in Base Metals hasn't done much for the Oz Miners:

    https://hotcopper.com.au/data/attachments/2670/2670324-a920ee2af4100409a7cc5d440792d30d.jpg

    XMM has been sliding sideways for the past nine days.


    AAII Sentiment:

    https://hotcopper.com.au/data/attachments/2670/2670327-9fb93129d0540f97c4a244cb6e15ed24.jpg

    AAII Sentiment pulled back from last week's historically high level, but remains above its historic average and still well above the figure shown in late February just before the big crash.


    This contrarian signal suggests that investors are still too bullish - expect a pull-back.


    (Contrarian signals should not be used in isolation. Combine with other technical signals.)

 
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