Markets Surge on Peace Deal Hopes; Semis Hit New Highs

Summary

Markets experienced a significant upward surge, primarily driven by semiconductor stocks reaching new all-time highs, following news of a potential peace deal that gained more traction than previous attempts. The S&P 500 climbed 1.76% and the NASDAQ 3.07%, recovering from recent downturns and negating breakdown potentials. Semiconductors, up 4.38%, are leading the market and have shown a remarkable 281% move since April lows. However, the 10-year Treasury yield remained 'sticky' around 4.484% to 4.56%, presenting a potential concern if it continues to rise. Gold saw a 2.24% increase, testing resistance near $4,418, while silver, after breaking down from its trend line, faces resistance at $72.84. US oil experienced a breakdown, trading below its trend line, with shortable opportunities expected as it tests support at $78.97 and potentially $69.56, though demand is expected to remain somewhat elevated. Natural gas is on the verge of a breakdown, needing to confirm below $311.7 for further downside. Bitcoin bounced strongly, showing potential for a near-term rise to $73,458, though a head and shoulders pattern could lead to a drop to $37,508 if not negated. VRT faces multiple resistance levels, including moving averages and trend lines, with a critical test at $319.75. WDC achieved new all-time highs, up 16.1%, within a narrow parallel channel. Door Dash showed a strong daily close above a declining trend line and consolidation range, signaling a potential breakout play with support at $165. The week's key events include the FOMC meeting on Wednesday and options expiration on Thursday.