Core PCE left stocks very complacent, and the breakout above the 4,529 – 4,535 zone was rejected. That was the task for yesterday, Sellers though need to decisively break 4,515. Non-farm payrolls in line or slightly below expectations would do the trick as dialing back Fed easing is all that‘s required for stocks led by tech to decline as 10y yield attempts to move back above 4.20% perhaps to 4.25%. Precious and base metals are already sniffing out a not-too-strong NFPs figure ahead.

I‘ll give you now the usual set of individual market commentary, and move to Twitter for much live coverage and market moves ahead.

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

Gold, Silver, and Miners

Precious metals are still in the upswing mode, and not only didn‘t have smooth sailing yesterday indeed but may very well wobble today for a while as well. The upleg isn‘t though in jeopardy, and not even more miners‘ weakness indicates that it‘s time to jump ship. It isn‘t, and $1,980 awaits maybe not only in Dec contract but can be approached in XAUUSD too.
 

Crude Oil

Crude oil is well supported on the supply side as well, and it‘s very encouraging that together with copper both are ignoring the necessity of China‘s moves to support its economic growth.

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