From the Desk of Kimmy Sokoloff

I mentioned in this morning's note that $SPY had a date with 400.

We hit that level and ran to 402.60, which was top of the Bollinger band.

From the Desk of Ian Culley @IanCulley

Gold is running into supply.

Whether the former 2011 highs still hold any psychological significance doesn’t matter.

Gold bulls continue to find an overwhelming amount of sellers at that level. This will remain the case until demand absorbs supply.

How long will that take? It’s anyone’s guess – maybe weeks, perhaps even months or quarters.

The point is, gold needs time.

Meanwhile, silver futures are coiling within a tight range…

Check out the daily chart of gold’s crazy cousin:

The S&P 500 has rallied off of its October and December lows, but the 200-day average, which rolled over in April 2022, continues to fall.

More Context: Price trends matter. Over the past 2+ decades, all of the net gains for the S&P 500 have come when the index’s 200-day average has been rising. When the trend has been falling, the index has struggled to keep its head above water. While stocks have begun 2023 in rally mode, they are still fighting a downtrend. Stocks can rally within persistent downtrends. But if stocks keep rallying, down-trends cannot persist. The math just doesn’t work. While we are seeing evidence of a tactically more constructive environment, the longer-term trend backdrop remains challenging. The recent strength has a better shot at being sustained if it can flip some of the longer-term trend indicators to a bullish setting.           

In our Market Notes, we take a closer look at longer-term price trends, recent breadth improvements and paradigm shifts that are...

The Bull has been rolling. Have you noticed? Judging by the response I got from an innocent little bullish tweet last week during the midst of a mild pullback for stocks, you'd think I'm insane for thinking stocks have a chance to go up.

So many angry people looking for lower prices.

Maybe they'll be right someday? Chances aren't zero.

Meanwhile, I'll just keep paying attention to price and relative strength which is an excellent guide to point me into winning trades in any direction.

So for today's trade, we're going to ignore the digital assaults on our senses by the angry bears and get analog in our approach to riding this bullish wave.

We had a resting GTC order filled at our profit target in the Paid-to-Play portfolio today:

From the Desk of Ian Culley @IanCulley

Gold is running into supply.

Whether the former 2011 highs still hold any psychological significance doesn’t matter.

Gold bulls continue to find an overwhelming amount of sellers at that level. This will remain the case until demand absorbs supply.

How long will that take? It’s anyone’s guess – maybe weeks, perhaps even months or quarters.

The point is, gold needs time.

Meanwhile, silver futures are coiling within a tight range…

Check out the daily chart of gold’s crazy cousin:

At first glance, the current consolidation appears to be a bull flag or pennant.

But, in their classic “Technical Analysis of Stock Trends,” Edwards and Magee issue a clear and present warning: “A pattern of this type that extends beyond three weeks should be watched with suspicion.”

Since the silver chart is working on the fifth week of contracting, the bull flag interpretation is losing credibility.

That doesn’t mean silver futures can’t rip higher here, of course. If they do, I’m buying strength above 24.80 with a tactical target of 27.50.

And if silver is trading above 25,...

There's a high degree of momentum driving the market.

Last week, we saw a continuation of this bullish action, with Bitcoin and altcoins taking out local resistance levels.

This comes as little surprise, considering the trends are now unequivocally higher.

The largest insider transaction on today’s list is a Form 4 filing by Ares Management LLC.

The hedge fund reported an additional purchase worth roughly $1.3 million in Clear Channel Outdoor Holdings $CCO, increasing its total stake to 10.5%.

From the Desk of Kimmy Sokoloff

It looks like $SPY has a date with 400, as long as 392.75 holds.

That was a powerful day on Friday. The buyers stepped in.

It's not a secret around here that Energy stocks have been doing well.

No one here cares that some investors got caught holding the bag in those growthy tech stocks, and didn't have anywhere near enough energy exposure over the past couple of years.

It's not my fault that the S&P500 was only 2% Energy but 26% Technology.

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.