SP500: +1.82% to 3322.00 (2pm CST)
Technical Outlook: Long Term (2yrs) Trend is Bullish, Intermediate (6 month) Trend is Neutral, Near-term (3 weeks) is Bearish
-A large top, perhaps a “double top” has formed. Potential for much larger declines to come into year-end/early 2021.
-Momentum has broken negative
-Potential to revisit 3400, while holding negative momentum – would likely be a gift for short sellers.
-Rallies should struggle to hold.
-3200 looks like hard deck support, followed by 3165.00
-20% correction would represent a downside target of 2870.00.
Gold: -0.49% to 1870.00 (2pm CST)
Technical Outlook: 2yr Trend remains Bullish, 6 month trend remains Bullish, 3 week trend is Bearish
Momentum is negative, but now immediate oversold. Look for Gold to hold negative momentum even if it bounces back to 1900.00 oz. 1890-1900 would likely be a selling opportunity. Break of 1874 was a tipping point for near-term trend and momentum. 1856 is hard deck support, a break of this level could take Gold prices back into the 17 handle – 1776.00 target for a longer-term buying opportunity if fundamentals remain supportive.
Disclosure: we signaled a long side, near-term trade today at 1870.00 for a chance at 1885.00-1892.00 target zone.
Silver: +0.30 to 23.41 (2pm CST)
Technical Outlook: 2yr Trend: Bullish, 6 Month: Trend Bullish, 3 week: Trend Bearish
-Similar to Gold, momentum is now negative.
-If we bounce, it’d be a high probability short bet.
-A break of 21.70 would be bad and could revisit 19.66.00 oz
Bitcoin: +3.07% to 13,575 (2pm CST)
Technical Outlook: 2yr Bullish, 6 month Bullish, 3 week Bullish
-upgraded chart, beginning to outperform across all asset classes
-Bullish momentum on weekly and daily time frames
-Not signaling OB on the daily
-Looking for break through 13,939 – followed by perhaps a small correction phase
Oil: -1.13% to 36.26 (2pm CST)
Technical Outlook: 2yr Bearish, 6 month Neutral/Bearish, 3 week Bearish
-Break below 36.60 is a bad look
-Negative momentum, immediate oversold condition
-Failure to recapture 40.00 has tipped the chart Bearish
-Rallies into the sell zone 38.50-40.00 would be high probability bets on short side
-OPEC is an outlier, likely will extend production cuts, and news of a vaccine by year-end would be a positive development for oil demand
Dollar: +0.59% to 93.95 (2pm CST)
Technical Outlook: 2yr bearish, 6 month bearish, 3 week neutral
-immediate overbought today vs major foreign currencies
-a break of 94.74 would be significant in changing our outlook over the intermediate term
-a short sided trade set up is likely coming in the next day or 2
-we remain bearish of the USD
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