S&P 500 tested the bottom part of the 3,875 – 3,810 range sufficiently, and it's about time to start probing the breakout. Even the Fed minutes are out of the way, with the hawkish realization that the Fed isn't planning to cut or ease any time soon. Throwing cold water on the rally, but bonds didn't get the message yesterday, and continued in risk-on posture, see the high HYG volume and reasonably long white body candle.
The buyers will have an easier time when TSLA and AAPL get their act (temporarily) together – good luck though given the the non-farm employment change sending bonds down.
The narrow window of opportunity to allow the market celebrate CPI while PPI continues raising its ugly head, is at hand.
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Let's move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver and Miners
Silver isn't in any real danger here – levels talked in the linked tweet. Given the copper upswing playing out premarket, we're likely to see the white metal do better Friday and Monday.
Copper
Copper should be leading the commodity sector, and as I wrote weeks ago, 2022 was the year of energy, and 2023 would belong to metals and agrifoods.
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