Forget this “Turkey” of a Market, It’s “Time to Feast” on Gold and Copper

Near-term trends for US Equities are bullish, but getting extended as part of negative momentum conditions on weekly and monthly charts.  Treasury yields and US Dollar might weaken into US Thanksgiving holiday, but larger breakdowns look premature.  An Equity rally looks likely into 11/24 or 11/27-28 before consolidating into early to mid-December.

Tuesday’s $NVDA earnings, as of 5pm Tuesday EST, had failed to turn in meaningful upside, nor downside volatility for the stock in the after-market session ahead of the earnings call.   (Current after-market price was $493 at $5:00 pm EST vs a closing price of $499.44.) Their earnings call might be important towards setting guidance which might provide some further clarity. 

Overall, volume has started to wane ahead of the Thanksgiving holiday in US trading.  As discussed yesterday, investors need to be on alert for any hint of negative market breadth, or DeMark-based exhaustion appearing on indices and/or on Treasury yields which might be important towards signaling that consolidation might be overdue.  SPX and DJIA are not likely to surpass late July peaks right away in my view.  Furthermore, QQQ should find strong resistance at or slightly below 2021 peaks before some minor consolidation into mid-December.

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