Gold Miners likely play catchup Array ( [cookie] => 3a95af-d9d131-7e4337-da76db-a2804b [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 1 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_macro [visitor_id] => 564835 [reason] => [method] => ) 1
Short-term trends turned back to bullish following Wednesday’s close above 5525, and Technology has snapped back with a vengeance following its recent two-month pullback to support, and we’ve seen some definite evidence of QQQ starting to outperform SPY as Growth makes a comeback. Triangle pattern resistance for both SPX and QQQ should be tested into next week ahead of our long-awaited FOMC meeting, and any break above this resistance could allow for even further acceleration into October before any drawdown. However, given the back month negative seasonality trends, initially it’s expected that the area near 5650 should prove to be strong resistance for SPX, and will be a Line in the sand for Bulls.
The triangle patterns for both SPX and QQQ look important to concentrate on into next week’s FOMC meeting, as this week’s Tech snapback has helped SPX to yet again push up to within 1.5% of all-time highs from July.
Thursday’s PPI and CPI data came in strong enough to potentially cement 25 basis points as the level the market expects into next week, and odds of a 50-basis point cut have been declining for roughly two weeks as economic data has steadied.
Subscribe Today to FSI Macro
If you are an existing member, to see your special offers.
|
|||
Claim This Offer! |
|
|||
Claim This Offer! |
At FS Insight we offer a 30-day risk-free cancellation period for all new memberships.
View all FS Insight products with our exclusive Black Friday offers!Why FS Insight
FS Insight helps you invest confidently with the same research banks and hedge funds use.
Daily Updates from Tom Lee
Start your day with Tom Lee’s pre-opening bell report. Navigate the trading day with Tom’s daily macro minute video and updates on key developments.
Real-Time Alerts from Tom Lee and Mark Newton
Stay in the loop with FlashInsights, real-time commentary on market-moving events delivered instantly from our research heads to you.
Daily Technical Strategy
Report
and Video
Tactical opportunities and actionable signals, including daily in-depth analysis on current market technicals.
Monthly Market Update Webinars Presenting Timely Top Ideas
Get a behind-the-scenes look at our top stock ideas. Learn what makes each pick timely at our monthly webinar and Q&A with Tom and Mark.
Access Stock Lists Developed by Tom Lee and Mark Newton
We offer a variety of stock lists across methodologies and time horizons. Choose the portfolio that best fits your investment style.
Engage with Tom and Mark
Your membership includes members-only webinars and fireside chats. Join Q&As with our research team, CEOs, and industry experts across AI, geopolitics, and more.