US equities climbed ahead of the election, the SPX printing 3389, and settling +58pts (1.8%) to 3369. Meanwhile, WTIC settled +85cents (2.3%) to $37.66.
sp’weekly1b
WTIC daily
Summary
sp: I would note the weekly 10MA at 3379. Things become decisive for the bulls >3400, which would offer new hist’ highs before year end.
wtic: a second day higher, as yesterday’s bullish engulfing candle played out. Broadly… oil is still stuck.
–
Looking ahead
The early hours of Wednesday should see the market react to a decisive victory by Trump. Futures action will merit attention! This remains a good link… https://finviz.com/futures.ashx
Econ-data: ADP jobs, PMI/ISM serv’, EIA Pet’
Earnings: WEN, HLT, QCOM, ZNGA, MELI, MTCH, MRO, PAYC, ACAD
Event: It will be day’1 of the FOMC.
–
PF chart of the day
The computer is holding to a target of $31.50. That clearly isn’t that far up, and appears likely before year end.
Barrick Gold, monthly
As is the case for the sector, the last few months have seen some cooling, after a massive ramp from the March $12s to the $31s. Price structure is a multi-week/month bull flag.
Earnings are due early Thursday, which should be good, with a VERY positive outlook. Even if you don’t agree with Bank of America’s end 2021 Gold target of $3K, Barrick should be able to comfortably climb to next resistance of the 36/37s by the spring/early summer 2021.
—
As for the election…
… I will merely say… I await.
Goodnight from London