Fireworks largely continued yesterday. But tech and value diverged again as VIX is trading near the lower end of its recent spectrum
All charts courtesy of www.stockcharts.com
S&P 500 and NASDAQ Outlook
Strong upswing on the surface, but stocks look likely to consolidate next so I am not looking for any kind of overly sharp a drop.
Credit Markets
Credit markets are supporting the stock market upswing, but getting a little tired – a brief pause wouldn‘t be unimaginable.
Gold, Silver and Miners
Gold, silver and miners were under modest pressure yesterday, but the silver downswing points to its temporary nature. Precious metals look primed to do better in the coming days.
Crude Oil
Crude oil bulls barely closed the day unchanged, and a modest setback looks likely before higher prices reestablish themselves.
Copper
Copper is sending even more bullish signals than silver – don‘t look at the red metal to escape the brief consolidation coming first though.
Bitcoin and Ethereum
As stated yesterday, cryptos keep on consolidating, base building, making mostly higher highs and higher lows. It appears only a question of time before the fresh upleg comes.
Conclusion
Risk-on trades are being questioned a little but it is likely to be a temporary move as there are not enough reasons or catalysts to derail the bull market.