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A Month to Remember for the Bulls
ES not bearish, but lacking upside momentum
Danny Riley
November 30, 2023
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Our View
I feel like one of those mice running around in the wheel.
The ES finally broke out into a new high, but it failed. Gold settled at $2,047 and has been up four days in a row. Gold tried to break out earlier this month, but hit a wall. Now that weakness is gone and it’s hitting its highest level since May. That’s got it within striking distance of its record high from August 2020.
Elsewhere, the yield on the 10-year Treasury note — which started the month above 4.8% — fell to around 4.27%, down from 4.335% Tuesday. I guess you could say everything is moving and it’s been a busy month for the bulls.