The week began with considerable weak leaning chop, the SPX printing 3678, and settling -7pts (0.2%) to 3691. Its notable the Dow, Nasdaq comp’, and Transports broke new (if marginal) new historic highs. Meanwhile, WTIC cooled by -50cents (1.1%) to $45.76
sp’weekly1b
WTIC daily
Summary
sp: Upper bollinger has jumped/adjusted to 3711, as the 3700s do appear on the menu this week. Note the weekly 10MA, offering first support at 3537, and that will be around 3600 by mid month.
wtic: a little cooling for oil, but the door remains wide open to psy’50, which is very viable before year end. Secondary of the $52s appears probable within Jan/Feb’.
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Looking ahead
Tuesday will see Productivity/costs
Earnings: AZO, JW/A, CHWY, GME, MDB
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PF chart of the day
The computer has a very bullish target of the $203s.
Disney, monthly
Disney settled Monday -0.3% at $153.68, but that is from last Friday’s hist’ high. Absolutely m/t bullish, upper bollinger is offering the $156s.
There is an investor day this Thursday, and that will likely garner considerable attention, as Disney are set to reveal show renewals, movies, and updated plans for both the Marvel and Star Wars Universes.
Yours truly would pay good money for a dedicated live action series based on Grand Admiral Thrawn, but I won’t be holding my breath on that. I guess I’ll have to settle for brief appearances via the Mandalorian.
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Finally…
Two fine posts from Denniger, someone who has been calling out the delusion and LIES surrounding the Corona issue since January.
http://market-ticker.org/akcs-www?post=240859
Highly recommended.. along with a browse of the comments.
Ohh, and the following merits checking too…
http://market-ticker.org/akcs-www?post=240857
The ROTH issue looks a real threat to US citizens within the next few years. Certainly, the Government can’t be trusted to not tax withdrawals from ROTHs, not least as the fiscal situation just gets worse.
Goodnight from London