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Brazilian President Luiz Inacio Lula da Silva is expected to undergo an additional medical procedure on Thursday as part of his treatment following the emergency surgery he had Tuesday to drain a bleed on his brain.

The president’s doctor, Roberto Kalil, told Reuters the procedure was considered a “complement” to Tuesday’s surgery.

“This involves a catheterization that targets the meninges artery. Why? Because when a hematoma is drained, there is a slight chance that the small arteries in the meninges could cause a minor bleed in the future,” Kalil said.

In previous comments soon after the surgery, Kalil had said it was “important to note that (Lula) did not sustain any brain injury. The hematoma, the bleeding, was not inside the brain; it was outside the brain and has been completely drained.”

Lula – who remains in the hospital’s intensive care unit – spent the “day well, without complications, underwent physiotherapy, walked and received visits from family,” the note released by the hospital says, adding that “the president remains under the accompaniment of the medical team.”

The 79-year-old Lula was operated on Monday due to a brain bleed linked to a fall in October.

The emergency surgery added to health concerns about the aging president, a standard-bearer of the Latin American left who is halfway through his third non-consecutive term.

Lula has curtailed travel in recent months while doctors monitored his recovery from trauma to the back of his head, sustained when he fell at his home in late October, requiring stitches.

Prior to the emergency surgery, Lula had complained of a worsening headache during a congressional event Monday evening in the capital, Brasilia, and was taken to a local hospital for examination, presidential spokesperson Paulo Pimenta said in a radio interview.

An MRI scan detected an intracranial hemorrhage, and Lula was flown to Sao Paulo soon after for the surgery, according to a medical note released by the government.

This post appeared first on cnn.com

South Korea’s ruling party has thrown its support behind attempts to impeach embattled President Yoon Suk Yeol over his ill-fated decision to declare martial law that sparked a political crisis and widespread public anger in the country.

The announcement came moments before Yoon delivered a defiant speech on Thursday in which he justified his hugely controversial martial law decision, rejecting growing calls from across the political spectrum for him to stand down.

The People Power Party (PPP) had initially refused to back impeachment, hoping instead Yoon would resign from office.

But its leadership said attempts to persuade Yoon had made no progress.

“We tried to find a better way than impeachment, but that other way is invalid,” party leader Han Dong-hoon said. “Suspending the president from his duties through impeachment is the only way for now, to defend democracy and the republic.”

The main opposition Democratic Party is preparing a new impeachment motion against Yoon, with a vote expected as soon as Saturday.

Last weekend, Yoon survived an impeachment vote after members of the PPP left parliament and boycotted the vote.

The PPP’s reversal dramatically increases the pressure on Yoon and the likelihood that the next impeachment attempt will be successful.

Han said party lawmakers were free to vote according to their “belief and conscience” at the next vote.

“I believe our party members will vote for the country and the people,” he said.

The PPP’s announcement is the latest dramatic turn in what has become a stunning political showdown in South Korea over the past week.

The president’s shocking but short-lived declaration of martial law in a late-night address on December 3 quickly backfired and galvanized many in the vibrant democracy to call for his removal.

Dramatic scenes from that night showed security forces breaking through windows in the National Assembly to try and prevent lawmakers from gathering, and protesters confronting riot police.

Within just six hours, the leader was forced to back down, after lawmakers forced their way past soldiers into parliament to strike down the decree.

In the days since, Yoon has faced intense pressure to stand down, with protesters and opposition figures demanding his impeachment – and support wavering even within his own party and the military.

But he has remained defiant.

“I will fight until the last moment with the people,” Yoon said in Thursday’s speech.

“I apologize again to the people who might have been surprised and nervous due to the short-lived martial law. Please trust in my passionate loyalty for you, the people.”

This post appeared first on cnn.com

A ten-year-old boy has been killed in a shooting attack in the Israeli-occupied West Bank, according to the Hadassah Medical Center, after an assailant opened fire at an Israeli civilian bus.

Three others were injured when the bus was shot, according to authorities.

A manhunt is underway for the attacker, according to the Israel Defense Forces (IDF), who said the shooting happened in the West Bank on Wednesday night.

“Following the initial report, a terrorist opened fire at an Israeli civilian bus in the area of the el-Khader Junction,” the IDF statement read.

“Israeli security forces are pursuing the terrorist, setting up roadblocks and encircling the area of Bethlehem,” the statement added.

This is a developing story and will be updated.

This post appeared first on cnn.com

Slender shoulders, a limp handshake and soft-spoken lisp. Those were the most vivid memories from my meeting with Bashar al-Assad.

It was 2007 and the insurgency against US troops was raging next door in Iraq. Toppled Iraqi leader Saddam Hussein, a fellow secular Baathist like Assad, had been executed just six months earlier.

But Syria’s then leader, who had succeeded his father Hafez seven years before, represented a stable contrast to the chaos engulfing neighboring Iraq.

Assad met us without a large entourage, folding his long body into a chair at the head of the room. At no stage were we physically searched.

His security team displayed absolute confidence, by staying mostly invisible.

The assumption was that the much-feared Syrian security services had eyes on us from the moment we landed in Damascus, while probably also searching our rooms and listening to us.

Little did I know then that this tall, thin man dressed in a suit would one day be the fiercest opponent of the Arab Spring, surviving where other regional strongmen fell by unleashing a ruthless crackdown that plunged his country into 13 years of civil war, only to then see his dynastic rule collapse in a matter of days.

I was with a group of more than a dozen correspondents and editors from National Public Radio. A fleet of black limousines escorted by motorcycles brought us from a luxury Four Seasons Hotel in Damascus to a mansion on a hill overlooking the city.

During a hour-long discussion conducted almost entirely in English in 2007, Assad flatly denied various allegations against his regime.

No, Syria had no role in a series of assassinations of critics in neighboring Lebanon. He denied the existence of a pipeline of jihadi fighters traversing Syria to fight in Iraq. In response to questions about Syria’s lack of press freedoms and system of one-party rule, he engaged in classic “whataboutism.” He exhibited absolutely no responsibility nor remorse about Syrian human rights violations, instead deflecting and highlighting examples of US abuses in Iraq.

Palaces and prisons

Assad wasn’t nearly as ostentatious as his fellow dictator Saddam, whose monstrous palaces in Iraq were slathered with tacky gold.

But the Syrians now exploring Assad’s abandoned properties have revealed that the former ophthalmologist-turned-president certainly had his own taste for luxury.

One video showed dozens of luxury cars parked in the president’s garage, including a red Ferrari F50, a Lamborghini, a Rolls Royce and a Bentley.

Meanwhile, his regime’s reputation for absolute brutality was cemented long ago, during the civil war that ground on for 14 bloody years.

Basat al reeh. Dulab. Falaqa. These were Arabic names for torture techniques repeated to me by Syrians who had been jailed during the regime crackdown on the anti-government uprising that erupted across the country in 2011. We soon became familiar with them.

“We suffered torture all the time,” said Tariq, an opposition activist from the port city of Latakia who recounted to me the 40 days he spent in solitary confinement.

Dulab, Tariq explained from exile in Turkey, involved forcing a victim’s head into a car tire and beating them. Basat al reeh was when a prisoner was tied to a board and beaten. Falaqa involved beating a victim’s feet.

In the opposition-held province of Idlib, I interviewed a dentist in 2012 who was arrested for secretly providing medical care to wounded demonstrators.

He said he endured beatings, near-drownings in buckets of toilet water and electric shocks to his genitals during a 45-day stint in a prison cell built for 60 people, but crammed full of 130 prisoners.

Eventually, Assad’s forces, backed by Iran, Russia and Lebanon’s Hezbollah, succeeded in regaining control of much of Syria.

The prisons stayed full of inmates and the torture continued.

Then, in late November, as the saying goes: “There are decades where nothing happens; and then there are weeks where decades happen.”

A rebel offensive disintegrated Assad’s regime in just under two weeks.

The crowds of Syrians desperate for signs of missing loved ones outside of Saydnaya Military Prison underscore the cruelty of the dynastic Assad dictatorship.

Syrian and Lebanese prisoners have emerged from Syrian dungeons as if resurrected, after having been thought lost for decades.

Cynicism and hypocrisy

During the Assad dynasty’s 53 years in power, Damascus played an incredibly cynical game of regional politics.

This fiercely secular government which bombed its own city of Hama in 1982 to crush a Muslim Brotherhood uprising later funneled Sunni jihadi fighters to Iraq to battle the US occupation. Some of these militants returned to eventually battle the Syrian government. Meanwhile Syria’s closest allies were also Iran – a theocracy – and Hezbollah, Lebanon’s Shiite “party of God.”

For decades, Damascus acted as a patron for Kurdish PKK separatists in a long-running insurgency against the government in neighboring Turkey, while also denying many Syrian-born Kurds the full rights of citizenship.

And Syrian officials constantly denounced the Israeli occupation of Palestinian territories, even as the Syrian military and secret police tormented ordinary people at checkpoints in Lebanon during a Syrian occupation that lasted nearly 30 years.

These ideological contradictions were astounding. They also served to project Syrian power influence far beyond the country’s borders.

The hypocrisy and cynicism displayed by Assad was a family business.

“What do you do in the position that you hold?” she said. “As a mother and as a human being, as I said, we need to make sure that these atrocities stop.”

But three years later, she proudly stood by her husband’s side, ignoring the horrors inflicted by Syrian government forces during the civil war, which included the repeated bombing of hospitals.

There is one memory of a reporting trip to Damascus that still haunts me.

In 2005, I went undercover, posing as a tourist visiting a nightclub on a hill overlooking the city.

There, amid strobe lights and booming dance music, I spoke with 14 and 15 year old girls from neighboring, war-torn Iraq who worked as prostitutes. Some of the boys and girls laboring in this brothel were even younger.

The nightclub stood just a few miles from Assad’s presidential palace.

In a country as ruthlessly controlled by the Syrian secret police – where any sign of dissent was swiftly crushed – it is impossible to imagine that the authorities were unaware of the club’s existence and the work the children were doing there.

It was hard to imagine the slender, lisping man I met ruling this kind of system, and yet Assad governed as president for 24 years.

Wiser men than me have written about the banality of evil.

Based on what I saw long ago during my hour-long audience with a dictator, Bashar al-Assad personified this.

This post appeared first on cnn.com

A man thought to be a missing US citizen has been found in Damascus, Syria, telling reporters he had recently been freed from jail.

The man is believed to be Missouri resident Travis Timmerman, 29, and he was found by residents wandering barefoot in a neighborhood just south of Damascus.

In video posted Thursday, the man says only: “My name is Travis,” and adds that he is from the United States.

An alert that Timmerman had gone missing was posted by Hungarian police in June.

Speaking to CBS News, the man identifying as Timmerman said he had been detained in a Syrian prison for seven months after entering the country without permission, having crossed its border with Lebanon.

He had decided to travel to Syria for “spiritual purposes,” he told the network.

He said that his cell door was broken down on Monday by two men armed with AK-47s, CBS News reported, and left the prison with a large group to try and reach Jordan.

His time being held in the Syrian prison “wasn’t too bad,” he said, according to the outlet.

“I was never beaten. The only really bad part was that I couldn’t go to the bathroom when I wanted to. I was only let out three times a day to go to the bathroom,” he said.

Timmerman made similar comments to the Al-Arabiya TV network Thursday.

This is a developing story and will be updated.

This post appeared first on cnn.com

Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

S&P 500 Index Chart Analysis

This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

The post Stock Futures Lower after S&P 500 futures ticked down 0.18% appeared first on FinanceBrokerage.

Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

S&P 500 Index Chart Analysis

Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

The post S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7% appeared first on FinanceBrokerage.

In this video, Dave unveils his “line in the sand” technique to help determine when stocks in established uptrends may be near the end of the bullish phase. He’ll share specific levels he’s watching for the S&P 500, AMZN, TMUS, and KR, and also review three tools on the StockCharts platform you can use to monitor potential stop loss levels for stocks in your portfolio.

This video originally premiered on December 10, 2024. Watch on our dedicated David Keller page on StockCharts TV!

Previously recorded videos from Dave are available at this link.

As the year winds down, investors are beginning to position their portfolios for the New Year. I’m considering it, and perhaps you are too.

Next year, in addition to the seasonal rotations among sectors, we have a plot twist: a new administration in D.C. likely to bring disruptive policy changes affecting the market.

The Financials sector is expected to perform well under the new administration. If that’s the case, it’s worth taking a closer look at this sector and identify which stocks to watch for potential buy opportunities. If you’re already considering financial stocks and looking to fine-tune an entry before year-end, then consider those that have pulled back or are trading in a tight, low-volatility consolidation range—prime candidates for a potential bounce.

How can you spot these opportunities? One way is to use MarketCarpets’ Bollinger Band Width setting.

On Monday, I used this tool with the Latest Value setting, which provides a score between 0 to 100. The closer to zero, the narrower the BandWidth. The narrower the BandWidth, the greater the likelihood of spotting a “squeeze” leading to a significant price move or a breakout.

FIGURE 1. MARKETCARPETS BOLLINGER BAND WIDTH SET TO LATEST VALUE. It won’t be surprising if most of the big stocks on the list with the lowest value exhibit similar patterns.Image source: StockCharts.com. For educational purposes.

If you look at the table on the right, you’ll see that the three biggest stocks with the lowest chart values are Visa (V), Mastercard (MA), and Berkshire Hathaway B shares (BRK/B). If you were to continue scrolling, the three big banks with the narrowest Bollinger Bandwidths are Bank of America (BAC), Morgan Stanley (MS), Goldman Sachs (GS), and JP Morgan Chase (JPM). For many investors, some of these shares are quite expensive. So, let’s consider that and focus on the stocks that are more relatively affordable to most readers: BAC, MS, and JPM.

Before diving into these stocks, let’s examine the sector’s breadth using a daily chart of the S&P FInancial Bullish Percent Index ($BPFINA). We’ll also compare the relative performance of the Invesco KBW Bank ETF (KBWB) as a proxy for the large U.S. banking industry against the Financial Select Sector SPDR (XLF), which represents the broader financials sector.

Sector Breadth and Relative Performance of Banks vs. Sector

The $BPFINA shows the percentage of stocks signaling Point & Figure “buy” signals. Right now, 91% of S&P financial stocks are flashing buy signals (see below).

FIGURE 1. FINANCIAL SECTOR BULLISH PERCENT INDEX. The Financial sector is bullish but potentially oversold.Chart source: StockCharts.com. For educational purposes.

While a BPI figure above 50% is bullish, above 70% signals that the sector is potentially overbought. On an industry level, the banking industry is outperforming broader financials by 11% and rising.

Bank of America

Let’s get to the stocks, starting with a daily chart of BAC.

FIGURE 2. DAILY CHART OF BANK OF AMERICA. Is the stock poised for a big move up or down?Chart source: StockCharts.com. For educational purposes.

There’s a lot here, so I’ll bullet the key points:

  • BAC’s technical strength, as measured by the StockChartsTechnical Rank (SCTR) is slightly declining, but at a level just below 70, it signals only slight weakness.
  • The Bollinger BandWidth has decreased significantly, and BAC’s price is above the lower band. This doesn’t signify a squeeze as much as a low volatility pullback. But what are the chances that BAC is likely to decline further?
  • On a relative performance scale, BAC is slightly underperforming its industry, down barely 2%.
  • In terms of momentum, there’s a divergence between indicators: On Balance Volume (OBV) suggests high buying pressure, possibly driven by retail investors, while Chaikin Money Flow (CMF) indicates strong selling pressure, likely reflecting institutional activity.

BAC is one of the largest US banks, so I’d add it to my ChartList as a possible prospect for a longer-term investment. However, given the mixed technical signals, I consider this a wait-and-see moment, observing how price reacts at current levels and whether the OBV and CMF can align if BAC continues its move to the upside.

How does BAC compare with Morgan Stanley?

Morgan Stanley

Let’s take a look at a daily chart.

FIGURE 3. DAILY CHART OF MS. The stock’s performance, as measured by SCTR, is performing slightly better than BAC.Chart source: StockCharts.com. For educational purposes.

  • MS’s SCTR score, at 83, is stronger than BAC’s and close to the 90 level, which might be considered exceedingly bullish.
  • As its Bollinger BandWidth narrows, the stock has also fallen below support, coming out of a rounding top, and looking to fill the wide gap made at the beginning of November.
  • MS is slightly outperforming its industry peers by slightly over 3%, better than BAC’s relative performance.
  • Selling pressure, however, is strong, and the OBV and CMF appear to align.

This appears to be a classic pullback scenario. I would add this to my ChartList, as MS is one of the biggest players in the industry, but I’d wait for a bounce and monitor a bullish reversal in both the OBV and CMF before considering a long position.

JP Morgan Chase

Finally, let’s look at the last big bank on my list: JP Morgan Chase. Below is a daily chart.

FIGURE 4. DAILY CHART OF JPM. The divergence in the OBV and CMF is something to watch carefully.Chart source: StockCharts.com. For educational purposes.

  • JPM’s SCTR score of 76 is declining, yet still relatively bullish.
  • Its Bollinger BandWidth indication is similar to the two we just viewed. In JPM’s case, traders seem hesitant to commit to any direction as price settles right below the middle band. It’s as if they’re waiting for some indication to trigger movement in one direction or another.
  • Regarding relative performance, JPM is barely outperforming its industry peers, by a little over 1%.
  • Similar to the BAC example, there appears to be a potential, yet prominent divergence between retail buying and institutional selling, as the OBV has been climbing while the CMF has been steadily declining.

JPM is sitting in a near-term holding pattern. It’s going to break eventually. But for now, the market appears unable to commit to a given direction, and the mixed momentum signals seem to support this view. It’s best to monitor this on my ChartList and wait for stronger bullish signals and a definitive reversal to the upside before jumping in. In short, patience.

At the Close

Planning the coming year, I focused on a given sector (Financials) and used MarketCarpets’ Bollinger BandWidth setting to identify stocks with tight, low-volatility setups that might signal a breakout opportunity. This led me to BAC, MS, and JPM. While these stocks remain on my ChartList as longer-term prospects, I’m opting for a wait-and-see approach. Fine-tuning an entry is important. And while there are many ways you can do this, I just showed you one approach that might just come in handy given the right circumstances.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The Tuesday afternoon selloff brings the broader indexes close to key support levels. In the first half of the trading day, the S&P 500 ($SPX) and Dow Jones Industrial Average ($INDU) were trading slightly higher. The Nasdaq Composite ($COMPQ) was the leader in the morning hours. But towards the last couple hours of the trading day, all three indexes sold off.

The bigger question is how much damage two down days in a row caused. With the broader stock market indexes rising to new highs, seeing two down days in a row is a bit disappointing. But a selloff is healthy, especially as we approach the end of the year, as long as the bullish trend is still intact.

The chart of the S&P 500 and Nasdaq Composite below shows that both indexes have an upward trending 21-day exponential moving average (EMA). However, the S&P 500 is getting close to its November high, which is a valid support level. The Nasdaq has a ways to go before it reaches its November high. A closer support level is a low of the December 4 price move, a gap up.

FIGURE 1. S&P 500 AND NASDAQ COMPOSITE SELL OFF. Although the bullish trend is still in play, watch the support levels and moving average convergence/divergence (MACD) for signs of a downtrend.Chart source: StockChartsACP. For educational purposes.

The moving average convergence/divergence (MACD) in the lower panel shows that the S&P 500 is the weaker of the two indexes, technically speaking. Since October, the MACD has been relatively flat while the S&P 500 was rising. The MACD for the Nasdaq was in a slight incline while the index was rising.

The good news is that the seasonally strong part of the month is yet to come. December and January tend to do well with the Santa Claus rally, the January Effect, and the January Barometer, three seasonal patterns discussed in the Stock Trader’s Almanac. The Cboe Volatility Index ($VIX) remains low, which is another variable that supports the bullish move in equities. We should get more clarity on Wednesday after the November CPI data is released.

Precious Metals Rise

While equities were selling off, gold and silver prices started inching higher. The surge in gold prices can be attributed to China’s central bank deciding to buy gold, something it hasn’t done in several years.

Gold prices pulled back to the 100-day SMA after reaching an all-time high at the end of October. Since then, it has been trending higher and could make another attempt to reach its high (see chart of gold continuous contract below).

FIGURE 2. GOLD FUTURES TRYING TO BREAK OUT OF A RESISTANCE LEVEL. If gold prices break above the resistance level, price could make an attempt to reach its all-time high.Chart source: StockCharts.com. For educational purposes.

Tuesday’s low coincided with the 50-day SMA, and the high coincided with previous highs. You could say that $GOLD traded between a support and resistance level. A successful break above Tuesday’s high would confirm that gold prices could aim to reach an all-time high.

A few geopolitical events surfaced this week that may have contributed to the rise in crude oil prices, which saw Treasury yields rise slightly. But these could be short-lived news-driven reactions.

NVIDIA’s Slide

One stock I’ll be closely watching is NVIDIA Corp. (NVDA). The Chinese government is investigating the company for antitrust activities. NVDA closed below its 50-day SMA on Tuesday with a declining StockCharts Technical Rank (SCTR) score of 50.20. The MACD is also indicating slowing momentum (see chart below).

FIGURE 3. NVIDIA’S STOCK PRICE FALLS BELOW 50-DAY MOVING AVERAGE. In addition, the SCTR score is at 50, which indicates weak technical strength. The MACD shows momentum is declining.Chart source: StockCharts.com. For educational purposes.

A further decline in NVDA’s stock price, which makes up about 7% of the S&P 500, could lower the index’s value.

The bottom line: November CPI will be released on Wednesday morning, 8:30 AM ET. Economists estimate a 2.7% year-over-year increase while the core CPI is expected to rise 3.3%. This would dictate Wednesday’s price action.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.