It was just another bullish day in equity land, with the SPX printing a new historic high of 3725, and settling +21pts (0.6%) to 3722. Meanwhile, WTIC settled +72cents (1.5%) to $48.54.
sp'weekly1b
WTIC daily
Summary
spx: Regardless of how Friday settles, its been just another bullish week. Equity bulls need have no concerns unless we're under the weekly 10MA, currently at 3559.
Tom Lee of Fundstrat's 4300s appear realistic as early as the spring.
How long until someone in the mainstream start touting SPX 5K ?
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wtic: a fourth consecutive net daily gain, breaking a new multi-month high of $48.80, once again helped by both a positive main market and a weaker dollar. Psy' $50 is clearly viable within the immediate term, with secondary of the $52s.
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Looking ahead
Friday will see Intl' trade, leading indi'.
Earnings: WBO, DRI, with Dow component of Nike (NKE) due in AH
Event: it will be OPEX, so expect considerable chop on higher volume, especially in the late afternoon.
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PF chart of the day
Newmont is one of the first of the gold miners whose PF target has flipped to the bullish side, with the computer seeking the $70s.
Newmont, monthly
With nine trading days left of the year, Newmont is currently +5.5% in the mid $61s. The December candle is a battleground around the key 10MA. Indeed, a monthly settlement above the 10MA should be again achieved, as the m/t trend is STILL bullish.
Further, it can be argued that multi-month price structure is a giant bull flag, offering vastly higher levels in 2021. Soft target would be the August hist' high of $71.47, and from there... giant psy'100.
Today's push in Gold above psy' $1900, with Silver $26s certainly helped, both of which were themselves pressured upward by the weaker dollar.
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The crescent moon, Jupiter, and Saturn. Its clearly... a sign.
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Server hell
So... my email stops working. I notify the webhost. Email starts working... only to then see my websites drop offline. For yours truly... it was a difficult day.
Subscriber note - if its still not working tomorrow, then I'll just keep on typing here, until its resolved this weekend... one way or another. I guess I should be thankful for Google for having a backup that is (usually) working.
Goodnight from London
