[Video] Copper and Oil Remain Firmly at their Highs

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Updates to previous videos:

  • Palladium futures hit our 2840 target projected from the sideways channel breakout. The inverted head and shoulders pattern is still in play and projects a target around 2895, but prices are trading around their record highs set February 2020, so we’re happy to step aside for now due to the risk of a retracement due to profit taking.
  • Fortune Brands (FBHS) reached a fresh record high on Friday, although yesterday’s bearish candle is part of a two-bar reversal (Dark Cloud Cover) which would be confirmed with a break of its low at 101.70. Until then, the bias remains for a run to our 105.50 target which is projected from tis sideways channel breakout.
  • Newmont (NEM) has closed lower for two consecutive session after hitting resistance at 65.78. But its still shows the potential to build a base above the 63.63 breakout level before breaking to new highs.
  • Comcast (CMCSA) traded lower with the broader market, but our bias remains bullish above the bullish hammer low on the daily chart at 52.46.




S&P 500 Market Internals:


S&P 500: 4163.26 (-0.53%), 19 April 2021

  • Real Estate (0.29%) was the strongest sector and Consumer Discretionary (-1.13%) was the weakest
  • 10 out of the 11 S&P 500 sectors traded lower
  • 167 (33.13%) stocks advanced and 334 (66.27%) declined
  • 95.83% of stocks closed above their 200-day average
  • 88.69% of stocks closed above their 50-day average
  • 82.34% of stocks closed above their 20-day average

Outperformers

  • + 3.6%   -  Albemarle Corp  (ALB.N) 
  • + 1.83%   -  Morgan Stanley  (MS.N) 
  • + 1.76%   -  Charles Schwab Corp  (SCHW.N) 

Underperformers:

  • -6.94%   -  Penn National Gaming Inc  (PENN.OQ) 
  • -6.17%   -  Altria Group Inc  (MO.N) 
  • -5.91%   -  Enphase Energy Inc  (ENPH.OQ) 

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