Equities saw a retrace of recent gains, with the SPX printing 3500, and settling -22pts (0.6%) to 3511. Meanwhile, WTIC gained +77cents (1.9%) to $40.20.
sp’weekly1b
WTIC daily
Summary
sp: Even if this week settles net lower, it would arguably just make for a retrace of the wave from 3209>3549. Momentum continues to tick upward… ahead of the election.
wtic: considering the stronger dollar and today’s weak equity market, oil was especially resilient today. Major resistance 42/43s…. support 36s.
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Looking ahead
Wednesday will see PPI.
Earnings: BAC, UNH, WFC, GS, PNC, USB, UAL, AA, SNBR, ACCD, HCCI
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PF chart of the day
Computer is holding to a bearish target of the $33s.
GDX, weekly
Today was yet another reminder that a stronger dollar is a downward pressure on gold/silver, and the related miners. I would note the weekly 10MA in the $40s… which we’re rather stuck around.
Yours truly is still concerned we might yet see the PF target of the $33s hit… before a better chance at securing a s/t floor. Implications for GOLD, NEM, and all the rest.
Goodnight from London
Yours… cold.