[Video] Metals Tear Higher (and Could Still Have Further to Go)
Matt Simpson May 18, 2021 3:18 AM
Metals have been ripping higher thanks to inflationary fears and a weaker US dollar, seeing gold and silver break key levels and copper eye fresh highs.
In today’s video we update our analysis on silver, which has rallied over 5% since Friday’s video. We also look at spot gold prices after it saw a daily close confirmation above its long-term bearish channel. And then we wrap up on copper futures which are showing signs of another leg higher.
S&P 500: Market Internals
S&P 500: 4163.29 (-0.25%), 17 May 2021
- Energy (2.3%) was the strongest sector and Communication Services (-0.88%) was the weakest
- 7 out of the 11 sectors outperformed the S&P 500
- 8 out of the 11 sectors traded lower on the S&P 500
- 204 (40.40%) stocks advanced and 299 (59.21%) declined
- 90.3% of stocks closed above their 200-day average
- 80.79% of stocks closed above their 50-day average
- 58.02% of stocks closed above their 20-day average
- + 6.39% - Seagate Technology PLC (STX.OQ)
- + 6.33% - Western Digital Corp (WDC.OQ)
- + 5.14% - Occidental Petroleum Corp (OXY.N)
- -5.50% - Comcast Corp (CMCSA.OQ)
- -5.05% - Discovery Inc (DISCA.OQ)
- -3.87% - Kansas City Southern (KSU.N)
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