Happy Pre-Thanksgiving, everyone. I suspect a lot of kitchens out there are in a state of preparation and pre-panic. We’ve still got a full trading day in front of us, although it’s probably going to be a quite one. The only event in front of us is the PCE, half an hour into the trading day.
Bitcoin has crawled back over $3,000 from its nearly five-figure sell-off. I’ve got a lengthy “Best of Slope” crypto-related post waiting in the wings, which I’ll publish after today’s close.
Of more interest to me is silver, which I’m long. I keep waiting for the metal to “lock in” and begin creating some real steps higher away from its base. Maybe this time, eh? I think the final bruising it took yesterday might have finally been the bottom.
We can see the pattern has become sloppy, but we at least do have a series of higher lows in place.
More importantly, and longer-term, the tinted area represents a very well-formed base, and at no time has the price of SLV (the instrument I’m using) violated its ascending trendline. I’ve got a tight stop on SLV at 27.39.
Even longer-term than that, the continuous contract of silver futures still looks fantastic. I think 2025 could well be The Year of Silver, from what the multi-year and multi-decade charts suggest.
As for tech stocks, that’s truly the last bearish hope in equity-land, which is ironic considering NVDA dragged everything higher for the first seven months of the year. The leadership from semis has petered out, and it’s a waiting game right now, with the /NQ locked between support (the green trendline) and resistance (the horizontal, representing its failed bullish breakout zone).
