February 23, 2024 (Investorideas.com Newswire) 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
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 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
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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