Oil – the Odd One Out?
In line with the pressing circumstances I told you about on Jul 29 at my site, today’s report will have to be way shorter than usual, and focus only on select charts so as to drive position details of all the five publications.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
S&P 500 keeps going sideways, but the indicator view suggests increasing vulnerability to a bear raid – just as much as in the tech sector, which wasn‘t outrageously helped by the risk-off start to this week.
Credit markets turned ugly yesterday as the HYG dive shows. Quality instruments outperformed in what could be prelude to selling pressure in stocks emerging.
Gold, Silver and Miners
Gold holding ground is a testament to the risk-off sentiment in the markets – through these lens, miners‘ underperformance better be viewed. The whole PMs sector tiptoes at the moment, remaining stabilized.
Yesterday‘s downswing without a noticeable rebound attempt, highlights the downside risks for oil. Energy sector didn‘t convince either, and the bulls are likely to remain under pressure. Good call to have taken profits off the table today.
Copper keeps being relatively resilient in face of steep downswing in commodities overall. At the same time though, it had been underperforming woefully since early Jun, and therefore remains vulnerable to another dip should broader selling in real assets reemerge. And indeed, the profitable stop-loss has been triggered, resulting in further gains. Check out the portfolio chart on my homepage.
Bitcoin and Ethereum
Ethereum outperformance is encouraging, but Bitcoin has to find a floor in the recent flag-approximating pattern, which would mark the positive turn‘s continuation in cryptos.
In place of summary today, please see the above chart descriptions for my take.
Thank you for having read today‘s free analysis, which is available in full here at my homesite. There, you can subscribe to the free Monica‘s Insider Club, which features real-time trade calls and intraday updates for all the five publications: Stock Trading Signals, Gold Trading Signals, Oil Trading Signals, Copper Trading Signals and Bitcoin Trading Signals.
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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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