Surging S&P 500 Breadth

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Sectorally surging as everything not defensive advanced – but advance-decline line and new highs new lows are still very good – the key ratios keep pointing to there being more in this rally (bonds internally and stocks to bonds ratios).

And as yesterday‘s retail sales didn‘t disrupt the no recession narrative or Fed having more room to turn hawkish – this and more covered in yesterday‘s video dissecting the early US session – stocks did shake off the initial hesitation, and decisively surged, delivering good trade opportunities.

You can look forward to a new video soon where I would talk precious metals and crude oil – both had been doing well lately, so let‘s cover them and talk the USD breakdown slash precarious situation as well. More live Twitter coverage also awaits!

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them.

Gold, Silver and Miners

Gold

Precious metals left gold sticking out on a daily basis – silver has better prospects to break out of the consolidation but no earlier than tomorrow. At a minimum today, metals are to consolidate around the zero mark at best – the objective is to repel sellers and withstand the daily dollar return. If that happens, all the more it points to a new upleg being underway. Remember my yesterday‘s words from the extra video analysis – USD needn‘t to tank more, it‘s enough it keeps below 101.

Crude Oil

Crude Oil

Crude oil buyers moved in with vigor, and prices didn‘t breach $74 – that means consolidation above $75 is likely next, and on similar days when the dollar is rising, it looks as black gold doing better than copper while precious metals have to come from behind.

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Monica Kingsley

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice.

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