My SPX Support – Now What
S&P 500 held up till a bit hotter than expected PPI came, setting the daily tone in twists and turns, yet I could gain intraday for clients on the short side early after the opening bell. Look up my Nov 12 article with the below S&P 500 intraday chart (featuring it below, alongside today‘s other relevant ones), and see how prices worked their way into my final support earlier today (in wait mode currently). I simply didn‘t trust yesterday‘s lackluster session, and called it out publicly.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver and Miners
Whether we get a 1-2 days reprieve, precious metals look set to go one declining a bit more below yesterday‘s lows – all that‘s needed is a fresh push higher in USD and yields, which could take perhaps some 3 trading days to develop. Copper though has the power to inspire silver to at least keep its decline in check.
Crude Oil
Very weak upswing yesterday, but oil looks better positioned to move up today than precious metals – if I were forced at gunpoint to choose one, and passing on wasn’t an option.
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