S&P 500 overcame the selling pressure with ease, stopping in my high 4,870s support area – that‘s as good a correction as we can get. Being pulled up by healthy rotations letting Nasdaq and communications shine while financials consolidated the high ground gained – all my sectoral picks talked weeks ago with premium clients – S&P 500 closed at fresh ATHs, was fueled by the good NFLX earnings I called for (here) – I picked this stock by the way for you already late Oct at $346.
Both swing and intraday traders are taking part in the growing gains, and ASML reporting premarket is today‘s highlight – and fine it came. That concerns both ES and NDX, here is the example from our channel this European morning – and forget not that you can over Twitter DM / Telegram message request full peek under the hood so as to be on the right side of market action during GDP and core PCE.
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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, featuring S&P 500, precious metals and oil.
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Gold, Silver and Miner
Gold will also participate in this „reversion to the mean when it comes to rate cuts expectations trade“ - Mar 25bp rate cut odds are back at 50%, USD is turning south, and gold will slowly start benefiting. Soft landing narrative still winning is positive precious metals as much as China stimulus approaching (concerns especially copper).
Crude Oil
Crude oil reached range midpoint, and I would prefer to wait for a pullback to buy, from risk-reward perspective. Obviously with the Mideast situation, patient investors can be (could have been) waiting for more ever since the low $70s bullish call I made.
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