nftrh.com

nftrh.com

I sold #SMCI too soon, but after a lower high am watching pullback areas, notably at a gap fill or a 62% Fib retrace around 600. Prefer the latter, obviously. Great stock, but too much hype-fueled momentum in February. It is making a sharp flag pattern which should ultimately prove a bull flag after a low is made.

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While I expect it to register 'all-time highs' headlines soon, SPX is vulnerable to multiple downside gaps as it enters 2024.

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The rally in GDX (daily chart) sees the price eyeballing the 200 day moving average and a decision point about whether to break the corrective downtrend from May's double top. There are downside gaps from November, 2022 and October, 2023. But these do not need to fill any time soon. Watch the SMA 200.

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Silver has taken out initial resistance. The real decision point, however, is the area of the 50 and especially 200 day moving averages.

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Weekly chart view of Silver (futures) vs. SPX (futures). A bullish pattern that has yet to break the neckline.

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Soybean fund SOYB was added recently as the seasonal is positive into next summer and the technicals have been constructive. Most recently it took out resistance, turning it to support.

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Regardless, TSX-V is bearish and has been bearish all along. We have, however, been looking at the lower gap on this daily chart as only a matter of time before it fills.

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The copper price is testing the underside of the daily SMA 200, which is trending down. It has been in a grinding rally since July, but this is the obstacle to potentially breaking the downtrend.