[Video] Platinum Could Be The Next Shoe To Drop
Matt Simpson May 27, 2021 4:59 AM
Platinum has created a near-term bearish reversal pattern at resistance, so the potential for a swing high is in place.
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
- + 8.51% - Ford Motor Co (F.N)
- + 4.70% - Penn National Gaming Inc (PENN.OQ)
- + 4.16% - Gap Inc (GPS.N)
- -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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