Until the services PMI showed extremely risky sectoral performance, which also turned the Nasdaq around, the S&P 500 bears were in the lead. The ADP employment change was acceptable; nevertheless, considering the manufacturing PMI’s prior success in exceeding expectations, I was expecting a substantial beat from the services PMI as well. As a result, only our swing trading longs saw any profit, but I was able to get a Wednesday intraday channel draw (B/E total).

Gold, silver, and miners

What I said yesterday about the likelihood of a consolidation getting stronger holds today, and purchasers will be put to the test rather than the anticipated slower rate of appreciation. However, it won’t be a peak, and copper-infused silver would do better than gold.

The upswing in crude oil hasn’t ended yet, but those who were waiting to purchase the drop at $85 will soon get their chance. Crude oil witnessed an uptrend rejection, but the follow-through that followed wouldn’t carry it far from $85. Only this initial shallow support remains, and it is expected to hold if prices do not go below $85 by EST noon.