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Following last Thursday’s tumble, there have been four powerful up days in a row. As such, prices are approaching the underbellies of their broken trendlines, but they have NOT pierced them, so we still remain bearishly configured (paradoxical as that seems).
 

We can see this with emerging markets as well.
 

I felt strongly enough about China’s price chart that I shorted this fund today.
 

Precious metals are at the cusp of either a breakout or, since they are at the top of their recent range, a softening. We can see that with miners:
 

As well as the junior miners, which are equally range-bound:
 

And, of course, with gold itself. As an owner of a large amount of palladium, I am certainly hope for a break instead of a withering!
 

The small caps have been extraordinary strong lately and even beat, ever so slightly, their former “lower high”, meaning that strictly speaking that series of lower highs is now busted.
 

The Nasdaq, however, remains just below its own resistance.
 

More specific within tech stocks, the semiconductor index likewise is below its resistance line. I shorted this on Wednesday as well.
 

Finally, the S&P 500 fund made another lower high. Keep in mind, we only have a half-day session on Friday, and it would do the bears a world of good if we had a down day, even a modest one, to put a stop to this runaway train.
 

I ended Wednesday at about a 110% commitment level across 25 short positions. I remain long RIVN, IEF, and PALL, all of which have been doing just great.

Have a great Thanksgiving, everyone!

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