Mr Market saw ‘good news as bad news’, with the SPX settling -91pts (1.5%) to 5827, which made for a net weekly decline of -115pts (1.9%).
sp’weekly1b
Summary
SPX: the fourth net weekly decline of five. The weekly candle is bearish engulfing, and highly suggestive we’ll print a lower low next week… if only to fully fill Trump gap to 5782. Weekly momentum ticked lower, and is on the low side.
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Dear Subscriber
Some perspective…
With 14 trading days left of January, the SPX is lower for a second consecutive month, currently -54pts (0.9%) at 5827.
The m/t trend should be seen as bullish, unless a monthly settlement under the monthly 10MA (5615). That doesn’t look likely this month, and I don’t expect it any time soon, as partly based on stocks like CLF and INTC
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Miscell’ things
*First, I’ve not watched this yet. From the title alone though, I do NOT agree with the notion we’re in the early phase of a ‘big pullback’. Key stocks like BA, TSLA, NVDA (I could go on) are NOT supportive of such a bearish outlook.
As ever… you make of the videos I highlight… as YOU wish!
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*I’ve not watched, but it will surely interest some of you.
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I’d be the first to call for >$100 silver, but there is no sign of it.
First things first… >$34, and then a challenge of the 1980/2011 $49s.
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*I’ve not watched, but I’m sure it will interest some of you.
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The Carlson… who remains a net positive.
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Indeed… it was a gross mis-allocation of taxpayer dollars
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The weekly wrap on geo-politics.
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The weekend
Two days to rest and recover… won’t be enough. I’ve sideline entertainment from Silo, Gold Rush, Kitchen Nightmares USA (who doesn’t love a nuclear-raging English chef?), and Breaking Bad…
… talk about awkward! With just ten episodes left… I wonder who will survive. 5×01 is suggestive Walter goes out ‘guns blazing’. Even though I’ve Better Call Saul to follow… its going to hurt when this one ends.
As ever, feel free to message me via X, Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’ 12pm EST @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes
X: I should take it light, but if there is anything you’d like me to highlight… let me know!