Stock Market Update Friday October 20, 2023 In a subtle rebound, Treasurys witnessed a slight uplift. The yields for the 2-year and 30-year notes settled at 5.07% and 5.09% respectively, marking a decline of seven and two basis points compared to the previous day. Notably, the long bond surpassed its policy-sensitive counterpart for the first time this year. Contrarily, equities weren't as fortunate. The S&P 500 took a hit, dropping by 1.2%, marking its lowest position since late May. Meanwhile, gold capped at $1,980, retracting from its early surge towards the $2,000 mark. WTI crude maintained its position at $88 per barrel, while the VIX saw an upward move, nearing 22.
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Head & Shoulders pattern, blue line is current support, next level lower is the green line. Upside resistance is the 150 day moving average.
MGK ETF is one of the most important stocks to follow, if we do get an algorithm sell alert we will alert our premium members.
Since September 26th, 2023, our platinum subscribers have maintained a short position on Tesla.Today we have a weekly algorithm sell alert for tesla.
If gold closes around these price levels the monthly chart will be extremely bullish reversal. Gold is pricing in inflation and a lack of confidence in the federal reserve. We alerted our premium members to buy gold shown in the chart.