[Video] Platinum Could Be The Next Shoe To Drop

Platinum has created a near-term bearish reversal pattern at resistance, so the potential for a swing high is in place.

Charts (4)

 

We also update our analysis on NZD/JPY following RBNZ’s hawkish meeting yesterday, then take a fresh look at CAD/CHF as positioning on CAD futures which suggests a sentiment extreme.

Unfortunately, with the stronger dollar overnight the steam has been taken out of the bullish moves on gold and silver. Gold produced a bearish pinbar on the daily chart and closed below 1900 which warns of trend exhaustion over the near-term. Silver produced a bearish outside day and closed below 28.00, so momentum is currently pointing the wrong way. However, silver is a choppy metal at the best of times, it remains within its bullish channel so all is not lost (as long as bearish momentum does not persist).


S&P 500: Market Internals


S&P 500: 4195.99 (0.19%), 26 May 2021

  • Energy (0.93%) was the strongest sector and Healthcare (-0.561%) was the weakest
  • 8 out of the 11 S&P 500 sectors closed higher
  • 6 out of the 11 sectors outperformed the S&P 500
  • 326 (64.55%) stocks advanced and 176 (34.85%) declined
  • 90.89% of stocks closed above their 200-day average
  • 72.87% of stocks closed above their 50-day average
  • 53.86% of stocks closed above their 20-day average

Outperformers:

  • + 8.51%   -  Ford Motor Co  (F.N) 
  • + 4.70%   -  Penn National Gaming Inc  (PENN.OQ) 
  • + 4.16%   -  Gap Inc  (GPS.N) 

Underperformers:

  • -4.23%   -  Ball Corp  (BLL.N) 
  • -4.02%   -  Walgreens Boots Alliance Inc  (WBA.OQ) 
  • -2.79%   -  Boston Scientific Corp  (BSX.N) 

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