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Riding NVDA Wave

Very risk-on day in S&P 500 with only the opening two hours seeing some selling – the buyers prevailed till the close, assuming the reins 1-2 hours earlier than I anticipated. 5,065 resistance of course fell – so easily that the upswing can reach 5,125 later today.

With no data in the way, the FOMO momentum can continue after gyrations similar to yesterday around the opening bell – I‘m looking for another close in the black for ES and NDX.

In light of latest successes, I‘m opening today‘s article for all – have a great weekend ahead.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them, featuring S&P 500, precious metals and oil.

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S&P 500 and Nasdaq Outlook

S&P 500 and Nasdaq

5,065 is not on the table – tech wouldn‘t be a laggard in today‘s upswing, where I am looking for cyclicals (with materials and energy somewhat lagging) to do fine, and defensives to do of course worse. 5,125 is reachable during today‘s session, and NVDA would break above $800 on a closing basis.

Gold, Silver and Miners

gold, silver and miners

Gold is showing relative strength under the radar, and miners are deceptively weak (would though remain like that for many days more) – the yellow metal though would come back to $2045 next week.

Crude Oil

crude oil

Should crude oil break $75.50, that would be serious setback for the bulls. For now though, it appears $76.50 would hold, and already this $77.20 area is getting interesting for longer-term holding. I view the $79 rejection as a temporary setback, not a final top – manufacturing is picking up and consumer is strong, so I favor oil demand not to disappoint worldwide. See KOSPI as a leading indicator of exports and global trade.

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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