Equities continue their ascend on little news – a positive outlook by Best Buy boosted sentiment yesterday and caused the stock to gain nearly 13%. Indexes gained about 1% and the s&P 500 hit a 2.5 Month high. Manchester United jumped more than 14% with diverging reasons, part cites the fact that Ronaldo will leave, the other that the owners are considering a sale.
US Yields are mid-range at 3.75 and the USD Index at 107. EURUSD is 1.0330 and GBPUSD 1.1880. Gold and Silver 1738 and 21.10.
Technical Comment: Gold XAUUSD has retraced to test support at 1,735. Gold can drop a bit lower without reversing the uptrend. A close below 1,700 will reverse the uptrend. RSI is still showing positive sentiment and no divergence indicating likely new highs on the short-term. 1,808 is key resistance for Gold change to medium-term uptrend.
Today is likely the most interesting day of the week with International PMI being released:
In addition we are expecting the Durable goods orders at 14:30 and the Fed Minutes in the evening, several commentators warn the minutes could be more hawkish than hoped.
For many US based traders and investors it is the start into a long weekend so I expect a somewhat erratic day.
Next week we should be back to normal crazy.
Thanksgiving Day 2022