US equities open moderately higher, but the gains look somewhat vulnerable. With the USD -0.3% in the DXY 93.90s, the metals are powering upward, Gold +$15, with Silver +2.8%. The related mining stocks are seeing a clear breakout above recent highs.
*removed H/S scenario on the hourly equity chart, seems invalid with renewed gains.
So, will the gains hold?
If the market can break above sp'2060, then... yes.. we'd almost certainly see a net daily gain.
It could be worse for the bears... but really. this is a pretty lousy start to the week.
notable strength... miners, GDX, daily
A fifth day higher for GDX, and its clearly breaking out. In theory, that is an indirect bearish signal for equities.