S&P 500 consolidating Friday‘s steep gains, is readying for upswing continuation still before core PCE. Market breadth is improving, and yesterday‘s upswing didn‘t rely on tech and semis superstars from AAPL to TSM, SMCI or NVDA with AVGO to name a few – Russell 2000 nicely caught up yesterday, and also outflows out of the defensives (XLU and XLP) are sending a clear message that this break is slated for consolidation and new push targeting 4,920 at least.

Monday „disappointed“ in that it didn‘t offer much more than a very shallow correction to 4,874, and that can be taken as a testament to a strong upswing that hasn‘t yet triggered extreme greed. Notably, it continues higher even if yields with USD aren‘t exactly conducive, but as I wrote lately, it‘s enough if these are more or less stable, which is where we‘re getting first (and towards rejection of 10y around 4.15%. Anyway, the intraday calls made in the channel as regards NDX and ES, are panning out well…

Apart from the upgrade driven AAPL turnaround and what I see ahead for NFLX, these are the other sectoral picks I mentioned in our channel:

Last but not least, clients taking part in the Telegram gold & oil channel cashed in on the oil long above $75…

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

Gold, Silver and Miners

Basing in gold continues, it‘s sideways for now, and in need of rates turning clearly south, which is where we‘re slowly getting. As per the caption, silver is the short-term preferred quick trade. Notably, metals are underperforming thanks to the wild extremes of easing expectations – some 40% of Mar 25bp cut now from some 75% a month ago, isn‘t optimal for precious metals, It‘s almost the other extreme at the moment.
 

Crude Oil

Crude oil's easy profit target was reached, and absent further Mideast escalation, in the $73 – 74 region it‘s fairly priced. The game remains the same – buying the dips through $72.

Copper resilience to China data continues, and the more fresh the support package is approaching, the more positive it is for the red metal, where dips are also to be bought, around the $3.75 area preferably.

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