Thinning Air Up There?
S&P 500 gave us just the dip into Tuesday‘s opening bell, retail buying spree with a temporary retracement, and steady buying into the close. Such is the view following Friday‘s trend change that took both S&P 500 and Nasdaq over key resistances, and respective breadth characteristics tell the remainder of the story as much as bond market and volatility metrics.
Till year end I was clear, it‘s about risk-reward favorable long entry, with ES leading over NDX lagging (such was the essence of Monday‘s profitable call, and as Nasdaq had comparatively more limited upside potential than SPX yesterday, I wasn‘t touting tech either). In this respect, seeing NVDA up 3%, with AVGO, GOOGL, AMZN (and ORCL will not be too far behind) turning, is most encouraging – TSLA won‘t be that far behind, because robotics.
Gold and silver are likewise both bringing gains to clients as called, which I cautioned oil shorts to remain awake.
Merry Christmas once again – Friday, I‘ll publish intraday updates and into premium Telegram channels, with a regular article coming on the weekend as always.
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