Russell Shor

Spotify (SPOT.us) will lay off 17% of its workforce to cut costs. About 1,500 workers are affected, with this being the third round of layoffs for the year. This will considerably lower the spend on salaries and other employee associated costs.

In the first half of November, the GER30’s RSI broke above the green downsloping green trendline at 1. This suggested that positive momentum was expanding. This was confirmed by the index crossing above its black 30-week EMA and the EMA’s direction shifting upwards at 2. These are regarded as positive developments and the longer that the weekly RSI maintains above 50, the greater the underlying momentum support for the GER30.…

General Motors (GM.us) stock is looking set to outperform Ford (F.us). The relative strength chart, with GM.us as the numerator and F.us as the denominator, has bullish developments. The green 5-week EMA has crossed bullishly above the orange 10-week EMA (blue circle) and the RSI has crossed to the bullish side of 50 (blue rectangle).

Salesforce has been the best performer in the Dow Jones Industrial Average (US30) for 2023. Its relative strength began in mid-January (blue dashed vertical).

Gold has charted a higher trough followed by a higher peak on the significant weekly timeframe. This puts the precious metal into a defined uptrend on its weekly chart. XAUUSD is trading around $2,040, which is near six-month highs.

In a previous article we suggested that the US 10-year real rate was topping out and had charted a head and shoulders top. This pattern is still evident but is yet to breakdown. Rather the real yield has found support near the 2.09% (green horizontal arrow). In fact, the real yield has bounced slightly since hitting support and is now trading near 2.20%. FXCM’s USDOLLAR has continued to chart a…

The SPX monthly chart has charted a higher trough (HT) followed by a higher peak (HP). This denotes that the SPX500’s primary trend is an uptrend. With only 3 days left until the end of the month, the SPX 500 is up over 8.8% for November. This has resulted in a large blue monthly candle (candle 1). Candle 2 is a bullish reference candle i.e. it has the lowest low…

Copper is trading at a down sloping green trendline on its weekly chart at 1. It is also facing the challenge of overcoming its black 30-week EMA (2). The base metal’s RSI has popped above 50 at 3, which is the bullish side of the indicator. It will be interesting to see if it can hold above 50 because below has been the norm since April (blue rectangle). If it…

Gold is currently trading around $1,990. The $2,000 level (red horizontal) is proving to be a significant psychological resistance level for XAUUSD. However, there are signs that the precious metal is preparing to break above this.

Bitcoin declined yesterday by 4.57% following the shock news that Binance Holding’s CEO Changpeng Zhao pled guilty to anti-money-laundering violations and will step down from the crypto exchange. Binance, which is owned by Zhao, has also pled guilty and will pay $4.3 billion in fines, with Zhao agreeing to pay $50 million. Moreover, Zhao may face an 18-month prison term as federal guidelines.

Tesla (TSLA.us) is trading around $241. This is around 40% lower than its all-time high of $414 reached in November 2021. However, the Tesla (TSLA.us) weekly chart is showing interesting potential.