S&P 500 followed up my projected path yesterday – dip soon bought, then chop and up, ignoring bearish macro data. GS assigning lower odds to recession made for the dip to high 4,270s, as the implications are bearish, but given the quite greedy sentiment, stocks were slated to ignore that given the bullish market breadth (expanding leadership while tech didn't sink), allowing me to call for more upside to develop overnight, i.e. justifying holding the tactical intraday trade.
Today's commentary will be brief, focusing on charts and levels within the most interesting markets below.
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Let's move right into the charts (all courtesy of www.stockcharts.com) – today's full scale article contains 5 of them.
Gold, Silver and Miners
I called for gold and silver to do well yesterday and today – and they're likely to deliver, modestly deliver. The levels below should hold even during FOMC turbulence the way things stand now – quoting "I'm still not looking for breach of gold $1,930 – $1,950 , or silver $23.15 (I had to update the silver zone of $23.15 - $23.40 to its lower border only thanks to prior copper weakness)".
Crude Oil
Glimmer of hope in crude oil – black gold seems set not to decline heavily (to or below $68) this week, following yesterday's price action, and continued USD dillydallying and recessionary tiptoeing.
Copper
The caption says it all, copper and commodities are doing quite well. The farther and longer before FOMC the red metal stays above $3.77, the better for odds of $3.72 holding up during the somewhat hawkish leaning upcoming conference.
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