S&P 500 took a premarket dive, struggled for direction during the open, and rebounded to make a lower high. Led by Nasdaq that has a better chart structure, and lately discussed AI universe led by companies beneting from NVDA success and upgraded NVDA itself is slowly outperforming as much as communications. The key development, the key story translating into trading and investing opportunities, remains the rise in yields and the dollar, with the accompanying retreat in rate cutting odds impacting several sectors (hello, the talked homebuilders, real estate and smallcaps).

Yesterday I featured the yields chart, today I‘ll comment more on the dollar strength as we see not merely yields differential, but also rising growth potential in the US compared to many anemic eurozone economies. Next, I‘m offering you the put to call ratio – what kind of (extreme) greed view that really offers, what do you think?

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

Gold, Silver and Miners

Back and forth intraday, with a bullish bias still – such was the call, and bullish bias didn‘t wait long to manifest itself. The upswing at large is continuing with barely a hiccup – and precious metals are as much bullish medium-term as Bitcoin, because inflation is set to return, recession isn‘t coming any time soon, and the debt situation is biting. BRICS is Kazan, Russia, is also underway…
 

Crude Oil

Crude oil has indeed turned around, and money is flowing into real assets (precious metals and commodities). At this 50-day moving average test, we‘re to see consolidation with the buyers having to step in and close at least $70.70 today for the upswing to continue.

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