On Thursday, the SPX closed nearly unchanged at 4221.86, down -1.84 points or -0.04% on a sector profile led by tech names. Tech, healthcare, consumer discretionary, communications, consumer staples, utilities and real estate showed relative strength, while financials, energy, industrials, materials, and energy were quite weak. This happened on moderately negative market-wide internals, with NYSE advance-decline lines finishing near -1000 and NYSE breadth at -2.88:1.
The ES futures profile looks like short covering and the volume point of control is ES 4211. SPX 4225 is still the pivotal area of congestion for tomorrows AM session. Thursday's ESU21 intraday low is 4185.50, and that is pretty much on the naked point of control. This is a volume node that had yet to be revisited. It was made on 3 June. For the expiring June contract, that comes in at 4196.50. These kinds of places are important points of support. The next such high-volume node is down at 4150 on both contracts. While today's derangements in the other indices will impact this, the SPX is the one that matters most for traders.
For gold, we are sitting on a familiar base at GCQ21 1775. You see on the daily chart we met with that level in November '20, again in February 2021 before breaking below to 1673 before bouncing back to 1775 where we formed a balance area from mid-April to the first week of May. From there we trended up to try to get above the better part of the retracement. Here is the weekly view again. Whew, that is good to hear Golden. I have not had any short-term gold positions in a while, just living vicariously.
