It was a day of considerable chop/consolidation in equity land, the SPX cooling to 3511, and settling -5pts (0.1%) to 3545. Meanwhile, WTIC settled +$1.07 (2.7%) to $41.36.
sp’weekly1b
WTIC daily
Summary
sp: Yesterday’s daily black candle played out, with some cooling to 3511. Regardless of how the rest of the week plays out… lets be clear, a new historic high is a bullish as it gets. Further, the fact we have a giant bullish pennant having been fully confirmed – which itself is highly suggestive of far higher levels (>4k), should give added confidence to the bulls.
I see ZERO reason for anyone to tout anything bearish unless we’re at least back under the weekly 10MA… currently at 3405, and that does not seem likely after yesterday’s breakout.
wtic: a second day higher for oil. Things would turn interesting with any price action in the $44s. A cooler dollar would help.
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Looking ahead
Wednesday will be Veterans day, and there is no econ-data on the schedule.
Earnings: LMND, PRPL, GOCO, HI
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PF chart of the day
Despite recent cooling, the computer has a new bullish target of the $113s.
AMD, monthly
The m/t trend remains bullish, with the 10MA in the $65s. Considering the main market, renewed upside could be expected. The next event/news is due Nov’18th, with the reveal of the next line of graphics cards.
I still think Nvidia make the best GPUs, although AMD are a pretty close second.
Yours… typing via a Geforce TI-750, which is running just fine after 5/6yrs.
Goodnight from London