S&P 500 didn‘t decline below Friday‘s lows, and opening bell‘s selling was steeply reversed within one hourly candle, making the posture neutral – just neutral as neither side is having success moving prices much this week (before NVDA earnings). Still, it was possible to read the intermarket, sectoral flows and deliver +20 ES pts intraday even though swing trading outlook hasn‘t changed. Doesn‘t it though look as part of a bottoming process, provided that certain additional condition(s) are met?

That‘s the question I answer in the premium part. We‘re having both the expected consolidation in yields kickin in, it‘s making the dollar pause its ascent, and that allows for China trades to move a little higher (all within their consolidation of the steep ascent during the golden week – these stocks in the current post-election environment must be considered as sideways, not yet ready to embark on a solid uptrend).

Let‘s examine VIX and yields as they stand now – keep paying attention to Bitcoin moves too.

Let‘s move right into the charts (all courtesy of www.stockcharts.com).
 

Gold, Silver, and Miners

The short-term direction is up in precious metals for today – let‘s see how much more basing will be required, I think the bulls truly need more time to start running again, and once yields with dollar turn up, gold and silver will notice. Summed up, I don‘t trust the current upturn in precious metals to last in the way that yesterday‘s move alone would indicate.

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