Joel Elconin - Tech Weakness or "Software Massacre" & Commodities Volatility

Summary

Joel Elconin reads simultaneous strength in gold, silver, copper, and oil as evidence inflation is alive and the Fed stays paused.

MP Materials, USA Rare Earth, and United States Antimony gave back gains after a Reuters price-floor report; Elconin calls the rare earth patch 'mind-blowing' volatile.

Elconin treats warning candles, overhead supply, and rising GLD and SLV volume as classic blow-off top signals traders should respect.

Algorithmic trading and zero-day options amplify intraday moves with no regard for fundamentals, he warns, calling the machines 'ruthless'.

The S&P briefly traded above 7,000 but failed to flip the level into support, leaving it as formidable resistance.

Joel Elconin's takeaways

Top takeaway Argues software stocks are being hit because AI can now write its own software, calling it a monumental shift and pointing to Microsoft down 12% in the session as the headline example

Calls the day a marking point for tech and warns the S&P 7,000 level has become formidable resistance that needs to flip to support before any push to 7,300

Reads commodity strength in gold, silver, copper, and oil as an inflation warning that keeps the Fed on pause through the rest of Powell's term

Sees blow-off-top warning signals in GLD and SLV, with overhead supply stacking up, GLD volume near 56M shares eclipsing the prior day's roughly 44M, and a shift toward selling strength

Argues machine and algo trading along with zero-date options are making markets more volatile and ruthless, with institutions dictating moves regardless of small investors