Dow Jones crept into positive territory in the last hour of tradin, up +0.06%. SP500 down modestly -0.22%. Nasdaq -0.52%. Small Caps +0.09%. Banks +0.72%.
SP500
SP500 remains in a down trend with the three Super Trend lines all blue. Blue = bearish trend. RSI remains in its bearish zone below 50 and Force Index remains in its bearish zone below zero.
We are, however, seeing the very first signs that a tradable rebound come come soon. The chart is now at the Point of Control on the Volume Profile on the left of the chart. That’s the level where most stocks have been traded in the recent past. PoC often acts as a support level.
CCI has now turned up while the chart is still in descent mode. It’s just a couple of ticks higher – but could be the start of a reasonable positive divergence.
Force Index, which combines chart direction and volume in its calculation, has started to level out, but needs to get above zero to be meaningful.
Still – some positives to watch.
Commodities.
Commodities Index is down to its 20-Day MA and finished flat -0.04%. So it could be ready for a bounce.
Energy -0.67%. Base Metals up +1.31%. Agriculture +2.05%. Gold +0.34%.
Ozzie Futures are in deep negative territory, down -0.72%. So the ASX will have a very weak opening today.
Good luck.
Australian Market Report 