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Yesterday we noted the weakness in “safe havens.” Today we’ll build on that with some related points. In particular, Cboe’s Volatility Index, the VIX, isn’t showing much fear.
The “fear index” is now back under 24, near early-August lows. However, it’s well below the 11-20 range where it spent most of 2019. A continued decline in the VIX would signal less fear and could help draw more cash from the sidelines.
Gold is behaving similarly. Gold futures (@GC) have been trying to hold $1,850 and may be forming a bearish descending triangle above that line. Remember that gold and stocks usually move in opposite directions. Weakness in gold also shows little fear and confidence in the economy.
The weakness in gold is even more remarkable when you consider the falling U.S. dollar. Normally a weak dollar would boost gold, but not now. The weak dollar is another potential sign of fear diminishing.
Regional banks had a big surge in late 2023. Now, after a period of consolidation, some traders may expect further gains. The first pattern on today’s chart of the SPDR S&P Regional Banking ETF is the falling trendline along the highs of January and early March....
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Downloads are available here. TradeStation’s ideas on TradingView are available here. Register for Market Trends here. Sizing Up the S&P 500 Potential short-term range on S&P 500: 5057: 2/27 low 5127: 3/4 low of 5127 Potential "shooting star" on...