Off To The Races
S&P 500 did a premarket and opening bell flush once again, and then I capitalized on the rebound for swing and intraday clients alike. Ellin also added to our intraday tally. The only disappointment is selling into NVDA earnings beat, however, the poor breadth of recent days will get an uplift today – the long basing process that shot through these 4 support levels presented on Nov 12, is over with S&P 500 embarking on a tentative upswing. Its strength will be determined by rotations and badly needed improvements of lackluster breadth and sectoral leadership.
Watch yields and USD strength, with S&P 500 keeping pace and the same regards continued Bitcoin and its best plays surging.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver, and Miners
The wildly underestimated escalation tensions is what‘s giving gold additional fuel to the upside – I‘m not looking for it to dissipate. At worst, merely sideways day is ahead, but silver and miners will fare off considerably worse than gold.
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