It was a bullish day for US equities with the SPX printing a new historic high of 3645, and settling +41pts (1.2%) to 3550. Meanwhile, WTIC settled +$3.15 (8.5%) to $40.29.
sp’weekly1b
WTIC daily
Summary
sp: We have a clear breakout, with the multi-month bullish pennant fully confirmed. Today’s latter day cooling was arguably a backtest. Today’s daily black spiky candle does lean toward a full gap fill to last Friday’s close of 3509. From there, I’d expect renewed upside. It’d be very unusual if it turns out to be a failed breakout.
wtic: a massive daily gain for oil, back above the 50dma. Now its a case of whether major resistance 42/43s is taken out… or remains broadly stuck.
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Looking ahead
Tuesday will see JOLTS
Earnings: JMIA, DHI, CRSR, RKT, DDOG, LYFT, TCEHY
Corsair Gaming
Corsair struggled today… reflective of the Nasdaq.
Earnings are due early Tuesday, and this will merit attention. A great little tech-hardware company, and I do like this one for the long term. I’d see Corsair as a prime takeover target, by perhaps someone like Nvidia or even Sony.
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PF chart of the day
The computer has a very bullish target of the $203s.
Disney, monthly
Today’s gain of 11.9%, now makes for a net November gain of +17.6%. Monthly momentum has turned fractionally positive, as the Nov’2019 hist’ high of $152.50 could even be challenged before the weekend.
Earnings are due Thurs’ in AH, and will be very mixed, with struggling parks and theaters, but massive demand for Disneyplus. The latter will likely be the focus of mainstream attention, as Disney appears set to eventually offer all new movies to be viewable from home on the day of first release in a theater. Whilst I have many happy memories of watching movies in a cinema, having the choice to watch a brand new movie at home… its somewhat I really like the idea of. This IS the way.
Goodnight from London
Yours… still recovering from paint fume poisoning (sometimes…. I really annoy myself).