Equities had a strong close on the heels of Jerome Powell's Fed speak (tightening monetary policy faster than previously thought), states Bill Baruch, president of BlueLineFutures.com.
The S&P 500 (SPX) is bumping against the 200DMA, which is in line with the 50% Fibonacci retracement level. This is going to be a sticky area! The fact that the market was able to shrug off some negative news going into last night's open tells us that the momentum is leaning towards the upside (perhaps like St. Peters).
April Crude Oil (CL=F) came off the board today, with a healthy rally into the right shoulder of a Head & Shoulders technical pattern.
The physical market remains tight, and the geopolitical influences still remain. Stay Nimble! Gold (GC=F) & Silver (SI=F) performing today in spite of the hawkish Fed talk is music to the bulls' ears. Gold can rally as rates increase.
Gold bottoms at the early stages of a rate hiking scenario. We think there could be a melt up scenario with the ball gaining momentum!
Learn more about Bill Baruch at Blue Line Futures.
