Also in today’s video is an update on copper which may have finally broken out of its consolidation, and USD/CAD which looks on the back foot after broad dollar weakness yesterday.
Updates to previous videos:
- Fortune Brands (FBHS) is at a record high after breaking out of its sideways channel and about halfway to our channel target around 105. The bias remains bullish above prior resistance at the 92.60 – 93.40 highs.
- NZD/USD remains above key support highlighted in Thursday’s video, so the bearish bias never came to fruition as the breakout never occurred.
- Gold continues to look firm after a solid rebound from 1676 and hit our intraday target on Thursday. A small bearish candle suggests a minor pullback could materialise, whilst a break above 1740 brings the 1755 high into focus.
S&P 500 (1.44%) 05 March 2021
- The index closed at a record high
- 409 (80.99%) stocks advanced and 95 (18.81%) declined
- Consumer Discretionary (2.27%) was the strongest sector and Energy (-2.4%) was the weakest
- 3 out of the 11 sectors outperformed the index
- 94.85% of stocks closed above their 200-day average
- 88.91% of stocks closed above their 50-day average
- 82.57% of stocks closed above their 20-day average
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