Fearing USD and Yields Upswing?
S&P 500 made the predicted decline towards 4,360s, but didn‘t reach the lower border of Friday‘s intraday consolidation. That would be the first decline target, with Friday‘s breakout level of 4,330 being the second one. The clues though remain very short-term bearish – from weak HYG to semiconductors underperforming tech, weak breadth and slowly rising USD pressure even if the top is in.
Thus far the SPX consolidation has been in the form of a very shallow decline, and the intraday clues given correspond to that. Below, you can see one of my latest chart posts in our premium intraday channel yesterday, to the effect of still favoring stock market sellers ever so lightly. Yes, these low time frame signs are notoriously less reliable, but markets aren‘t offering many more clues.
More commentary and calls can be found in the chart section – and that concerns as much S&P 500 as gold and oil – what an interesting price action unfolding in both!
Suffice to say that Chinese export data down and German industrial production declining, characterize the slowly approaching recession that US won‘t escape.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 5 of them.
This is but one illustration why a slight pullback is favored here – I am not looking for much improvement in breadth characteristics today.
Gold, Silver and Miners
Precious metals are readying a plunge from the daily chart of yesterday, and I already alerted clients over the premium Telegram channel for Trading Signals subscribers about the level mentioned in the caption as being a good long entry opportunity. Gold price have risen almost $10 since!
Copper delivered upon my yesterday‘s premium call as well – see here as it went for low $3.70s before pulling back into the high $3.60s for a while to consolidate again.
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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