Wednesday, November 20, 2024
Still a mixed picture on Wall street as the Dow gained 139 points on light volume. The advance/declines were negative. The summation index is moving down. The Dow outperformed as the NASDAQ posted a small loss and the S&P 500 finished flat. It was an up and down trading session for most of the day. We got a signal last night for a big move within the next two days from the McClellan oscillator. We'll see if that pans out tomorrow. I still think prices are heading higher from here. Perhaps the earnings report from NVDA after the bell can get things going. The short term indicators for the S&P are still trying to turn back up. Gold was up another twenty bucks today. The US dollar was higher and interest rates ticked up. The XAU and GDX had fractional losses on light volume. The gold shares did not follow the precious metal higher today. That isn't a bullish development. The short term indicators for GDX are now mid-range. Mentally I'm feeling OK. The VIX finished higher today which doesn't exactly fit with the market closing prices today. The short term indicators are slowly moving up. Not sure what to expect next from this indicator but it's still below the 50 day moving average. It seems like the market is trying to make up its mind what to do here. Europe finished lower and Asia was up with the exception of Japan. I'll keep an eye on the overnight headlines.
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