[Video] Virgin Galactic Takes Off, But Can Copper and Silver?

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We also take a look at copper and silver prices, both of which suggest industrial metals are trying to form a base. But, as always, it is the timing that is key – so long as key support levels hold.


Updates from previous videos:

  • Morgan Stanley (MS) closed to its highest level since the dot-com bubble peak. However, whilst volume on breakout day wasn’t bad, it was not above its 20-day average. Still, if prices become accepted above 89.69 it could be the beginnings of its next leg higher, whereas a break (or daily close) back beneath 88.88 warns of a bull-trap.
  • NVIDEA (NVDA) continued higher after breaking above trend resistance last week. Next target is the April high, with support levels remaining at 608.72 (Friday’s low) and gap support at 587.33. Please note that they release their Q1 earnings report Wednesday – you can read Matt Weller’s preview here: Nvidia (NVDA) Q1 earnings preview: Can gaming demand hold up?
  • NZD/JPY produced a bullish engulfing candle yesterday and failed to break beneath 77.90 support to signal its next leg lower. For now, we’ll step aside on this one but keep an eye on it should sentiment sour.
  • WTI has rallied for the past two days as concerns of oversupply of Iranian oil has subsided – a risk which was always present after last week’s sell off in anticipation of the Iran nuclear deal being reimplemented. In a nutshell, the bearish bias has been invalidated.
  • Platinum futures printed a small bullish candle and found support at its 20-week eMA. So long as Volatility remains low on up days then the bias remains bearish beneath 1207.90.


S&P 500: Market Internals


S&P 500: 4197.05 (0.99%), 24 May 2021

  • Communication Services (1.846%) was the strongest sector and Utilities (-0.2%) was the weakest
  • 10 out of the 11 S&P 500 sectors closed higher
  • 4 out of the 11 sectors outperformed the S&P 500
  • 372 (73.66%) stocks advanced and 132 (26.14%) declined
  • 91.09% of stocks closed above their 200-day average
  • 72.67% of stocks closed above their 50-day average
  • 62.38% of stocks closed above their 20-day average

Outperformers:

  • + 5.14%   -  MGM Resorts International  (MGM.N) 
  • + 4.86%   -  Caesars Entertainment Inc  (CZR.OQ) 
  • + 4.79%   -  Twitter Inc  (TWTR.N) 

Underperformers:

  • -6.79%   -  Cabot Oil & Gas Corp  (COG.N) 
  • -3.85%   -  Dollar General Corp  (DG.N) 
  • -2.4%   -  Carmax Inc  (KMX.N) 


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