The ES gained 10 handles on the session making a new high and high close on the move. The problem with the day was that settlement was below the open which leaves a bearish camouflage sell signal on the chart.
The NQ futures were higher by 17 on the day, also settling below the open. In this case while the candle by itself is bearish, it is not a camouflage sell signal because the prior day was a down day. Note the relative weakness in the NQ—more on this below.
In the multi chart below note how the NDX is still well below the Q4 high while the SPX has recorded a new high. This is a bearish divergence because in a typical healthy advance, the NDX will lead.
Multi sector daily chart of key indexes:
The 10-day Trin remains overbought:
The OSX was the top gun on the day, nicely breaking above the 50dma. The next important level is the active static trend line.
The BTK continues to outperform the broad market. Expect resistance at the 7/8 Gann level which stopped the advance in late October.
The XAU was up about 2% but remains below all the major moving averages.
The BKX broke above the Q4 high and can finally be qualified as having positive construction. Expect some gaming and resistance around the 200dma and then the real truth will be revealed.
The SOX touched the 200dma but remains relatively weak. It lagged the Naz today and still needs to better the October high to qualify the potential higher low set in Q4.
Oil:
Gold:
