Stock Market Recovery: Is This Rally Already Running Out of Steam?
Market Analysis by Stephen Whiteside covering: Nasdaq 100, Silver Spot US Dollar, S&P 500, NVIDIA Corporation. Read Stephen Whiteside's Market Analysis
Monday’s market action produced several encouraging buy signals, but the recovery remains uneven. The S&P 500 closed above 750 and continues to hold its 200-day moving average, suggesting underlying strength. The NASDAQ 100, however, remains below important resistance, with its shorter-term moving averages turning increasingly bearish. Semiconductor stocks are attempting to recover toward the 500 level, although professional buying interest remains limited. Nvidia’s chart continues to show significant technical weakness despite a late-session recovery.
The Canadian small-cap sector returned to a buy signal, while Canadian gold stocks and gold miners on both sides of the border posted strong gains. Copper miners, silver and uranium also generated fresh buy signals. Meanwhile, crude oil, energy stocks, Bitcoin and Ethereum remain under pressure. The VIX declined across the major U.S. indexes, but no trend changes were recorded. With CPI numbers triggering additional weakness in stock index futures, traders should remain selective and monitor key support and resistance levels before committing new capital.