Updates to previous videos:
- Higher gold prices are generally bullish for gold mining stocks. Newmont (NEM) hit a year to date high on an intraday basis on Friday, although closed with a small indecision candle (Spinning top Doji). If prices retrace, we’d like to see 63.63 hold has support whilst a break above 65.78 assumes bullish continuation.
- Palladium rose to a 14-day high and is about two-thirds the way to our 2840 target, projected form the inverted head and shoulders pattern. The bias remains bullish above 2700 (just above the neckline of the H&S pattern).
- Copper retraced on Friday but our bias remains bullish whilst prices hold above $4.00 and for a re-test and break to new highs.
S&P 500 Market Internals:
S&P 500: 4185.47 (0.36%), 16 April 2021
- Materials (1.17%) was the strongest sector and Energy (-0.89%) was the weakest
- 6 out of the 11 sectors outperformed the S&P 500
- 358 (71.03%) stocks advanced and 145 (28.77%) declined
- 96.43% of stocks closed above their 200-day average
- 91.67% of stocks closed above their 50-day average
- 86.9% of stocks closed above their 20-day average
Outperformers
- + 8.73% - PPG Industries Inc (PPG.N)
- + 3.9% - Alexion Pharmaceuticals Inc (ALXN.OQ)
- + 3.8% - Sherwin-Williams Co (SHW.N)
Underperformers:
- -7.03% - State Street Corp (STT.N)
- -4.04% - Bank of New York Mellon Corp (BK.N)
- -3.19% - EOG Resources Inc (EOG.N)
