It was a very tedious Thursday in equity land, although the SPX still printed a new cycle high of 4793, and settling +0.04% to 4783. Meanwhile, WTIC settled -$2.34 (3.2%) to $71.77.
sp’weekly1b
WTIC daily
Summary
SPX: We’re set for a ninth consecutive net weekly gain, currently net higher by +28pts (0.6%). Weekly momentum is still ticking upward, and is on the high side. RSI 69s, the highest since late July, when the market last rolled over.
WTIC: oil fell for a second day, partly pressured by an upside reversal in the USD. The recent $67s should hold. The more bullish will continue to seek the 50/200dma in the 76/77s.
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Looking ahead
Friday will see Chicago Busi’ barometer
Event: With Friday being the last trading day of the year, I’d expect considerable chop on rather high vol’. Further, with the following Monday (Jan’1st 2024) being CLOSED, Friday will be inclined to be subdued, as many take a four day holiday.
Yes… its somewhat conflicting, more than anything, expect some chop!
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Final note
I can understand those buying silver for the VERY long term. Short term though, I favour gold. Further, gold would benefit more from a geo-political fear bid, if something ‘crazy’ happens, such as a sunken ship in the middle east.
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Dore with guest Anita Krishna. I watched this live two days ago, and if you’re interested in the issue of media, and how it censors its own staff (both presenters and technicians), its worth watching.
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Involved in Gold
Yesterday morning, I noted that the s/t cyclical setup for gold was on the VERY high side, and even the crazy bold would not get involved at that time/price.
Note the RSI and MACD, which have reset to the oversold side. That doesn’t mean gold can’t go down on Friday, but from a pure technical perspective, its on the low side, and a far better entry for those interested in getting long.
From Wednesday morning, gold cyclically cooled into late Thursday afternoon. I got involved around 2.30pm. Whilst the final 15mins broke a fractional new low, gold/GLD remains on the very low side.
If Friday is choppy, fine… I could hold across the long weekend.
However, I’m wondering if Gold somehow pops $15 or so overnight/early Friday, which would make for a reasonable exit, and I’d re-long next Tuesday.
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One day to go.
Friday will be the last trading day for what has been a real mess of a year. The bulls should count themselves damn lucky for the late year ramp, with equities trading inverse to a massive drop in bond yields.
Regardless of how tomorrow settles, we survived another year.
Not everyone made it to the end (are you noticing the increasing number of celebrity deaths?)
Goodnight from London
Yours… comfortably sleeping in the sanctuary of gold/miners.