Gold futures declined yesterday, initially thanks to a stronger dollar; however, a reversal in the greenback saw precious metals close well off the worst levels of the day. Gold futures declined 0.34% on the day. It is clear that the precious metals market, specifically gold, has gotten crushed since the election, and there are a[…]
The S&P 500 rebounded from morning losses to finish the session at yet another record closing high. The post election price action has been impressive and continues to strongly favor the bulls for the medium term.
Gold futures continue to hold on to critical support in the low $1200’s for now, but if the dollar rally continues, it will likely end the short-lived bull market we pointed out back in April.
The S&P 500 printed an “inside bar” on the daily chart yesterday which is historically a signal of indirection. But the bulls have momentum on their side since the election, leaving the path of least resistance higher.
Oil futures got caught up in “risk trading” during the election drama. Energy futures sold off hard with global stocks overnight Tuesday and then surged higher as money poured back into risk assets on Wednesday. That was about the extent of the effect that Trump had on the energy markets at least so far. Tyler[…]
As volatility subsided yesterday in the wake of the election and money flows were still largely “risk-on,” gold futures came under pressure and are now testing key support at $1250/oz.
The 10 year yield surged back above 2% for the first time since late January yesterday. Stocks were able to withstand the rise given hopes for more growth, but the pace of the rise must slow down.
Stocks saw their biggest drop since Brexit early this morning while currency and bond markets made historic moves overnight, and I have no doubt that clients are calling you asking: “What do we do?” I basically didn’t sleep last night making sure we could help our subscribers answer that question when clients called today. […]
After threatening to break down just a few weeks ago, Copper futures have surged in recent sessions, breaking out through key resistance near $2.30 to trade to a 1-year high yesterday.
The S&P 500 rallied more than 2% yesterday, reclaiming all of last week’s losses as traders positioned ahead of the US Presidential election. But, the near-term trend remains a bearish one in the broad index.