BMY is net higher for the week by +4.1% at $45.62.
The weekly candle is bullish engulfing, with a spike floor from the $42s.
Indeed… the $42s are VERY powerful support, which is partly why I went long on Tuesday, ahead of earnings.
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CAH broke a new hist’ high, currently +17.3% in the $189s.
Weekly momentum has turned positive.
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ABBV is currently +0.1% at $228.20.
Weekly momentum is weakening, but multi-week structure is a bull flag.
Earnings are due early Friday, and should be good.
“Their stock market today, and our stock market today, hit an all time high, that means we’re doing something right” – Trump, with PM Takaichi of Japan
Full video…
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Japan, monthly
The Nikkei is higher for a seventh consecutive month, having broken a new hist’ high, currently net higher by a rather massive +14.2% at 51307. I wonder how many are starting to ask ‘how long until 100K ?’
USA – Dow, monthly
The mighty Dow is higher for a sixth consecutive month, breaking a new hist’ high, currently net higher by +2.7% at 47632.
Psy’ 50K is clearly viable before year end. As is the case for the Nikkei, I wonder how many are starting to ask ‘how long until 100K ?’
Gold is currently net lower for a second week, -$161 (3.9%) at $3950.
Psy’ $4K has decisively failed to hold.
Natural target… 3500/400s.
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Silver is currently net lower for a second week, -$1.54 (3.2%) at $47.05.
Natural target is psy’40/39 zone.
If correct… implications for the related miners.
With President Milei doing well in the midterms, and with some kind of bailout from the USA ($40bn?), the Argentinian market screamed upwards… the MerVal settling +21.6% to 2.527M
Some perspective…
With four trading days left of the month, the MerVal is currently +42.3%.
The October candle is bullish engulfing, with price sustainably back above the monthly 10MA. Monthly momentum has started to tick back upward, and due to turn positive by Dec’1st.
Why would anyone not expect a new hist’ high >3.0M before year end?