Instead of a breakdown continuation, the S&P 500 took the semis act moving through Congress cue and didn‘t stop rising throughout the US session. 4,755 with 4,765 were overcome with ease, and Russell 2000 also recovered from the bout of opening weakness. As much as the upswing was driven by the 2023 stars of XLK, followed by XLC and XLY, the breadth wasn‘t disastrous – new highs new lows were the only fly in the ointment, and I don‘t think we‘re facing a bull trap this week before CPI (as written in yesterday‘s extensive analysis, beware of shelter and oil price effects, these wohld bite over the months ahead).Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver, and MinersPrecious metals keep base building, and those lower knots would prove valuable in the coming days and weeks. Not too hot an inflation figure would support gold that‘s wearing out rather than scaring out the buyers. I wouldn‘t be afraid of the China economic news of stock market performance, and would instead look at heavy central bank buying amid US national debt creation acceleration.
Crude OilCrude oil is to shake off yesterday‘s setback really fast as nothing all too bearish has happened with the Houthi deal – just as I wrote yesterday on the premium Telegram channel for gold and oil – remember that world demand is still rising irrespective of the West while OPEC+ has a tight grip on supply.More By This Author:NFPs Profit BonanzaAnother SPX Rally SoldPeculiar FOMC Minutes Reaction