More Chop Before NFPs, Or Not?

Again, today’s report will 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 and Nasdaq

Tuesday‘s intraday reversal looks to mark the meek bearish push I talked about on Monday – I‘m looking for the bulls to be today on the initiative. Today, that‘s a key word here, especially given the (a bit too one-way extended but still) risk-off credit markets, and tomorrows non-farm payrolls of course.

Credit Markets


The plunge in high yield corporate bonds is going a bit too far in my view – and unless the 500-strong index joins, I don‘t see HYG as leading to the downside to usher in a sizable correction. HYG deceleration followed by stabilization and upswing would be the best the stock bulls can hope for.

Gold, Silver and Miners

gold, HUI and silver

Miners‘ strong showing was relegated to history yesterday, but we haven‘t seen a reversal to the downside – upswing rejection is all that happened. Silver weakness had more to do with yesterday‘s commodity (namely copper and oil) woes than anything else.

Crude Oil

crude oil

The oil downside wasn‘t indeed over, and resulted in fresh oil short profits yesterday, taking my portfolio results to new highs. The rising volume shows that we‘re potentially approaching a reversal, but so far there isn‘t any proof thereof.

Natural Gas

natural gas

Steady uptrend in the other key energy asset, natural gas. The break above the prior sideways to slightly lower flag / triangle approximating structure, happened on higher volume, and is thus more credible. Good that the fundamentals support the upcoming appreciation higher, too.

Bitcoin and Ethereum

Bitcoin and Ethereum

Yesterday‘s crypto gains haven‘t been entirely defended, but it would be premature to talk about downside reversal. Consolidation playing out with Ethereum‘s continued outperformance of Bitcoin, is the kind of surefire conclusion here.


In place of summary today, please see the above chart descriptions for my take.

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Thank you,

Monica Kingsley
Stock 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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3 thoughts on “More Chop Before NFPs, Or Not?”

  1. Hello. There is an error in your copper prices. You wrote: "(entered via a buy limit order at 3.33) with stop-loss at 3.26 and initial upside target at 3.50"
    The prices should be 4.33; 4.26 and 4.50 respectively.

    1. Hello and thank you for your sharp eye Ed – watching every cent, and entering a wrong dollar figure – you're summarizing these figures precisely, for both copper trades it's 4.34 (not 4.33 for the below reason); 4.26 and 4.50 respectively. In the immediately preceding mailing, I have decided to enter not via a buy limit order, but at market, which had been 4.34 at the moment of having my mailing service delivered it to you.
      Recapping, we're long copper at 4.34 – you had been faster in commenting before I could update this article to bring it in line with the immutable and correct mailing delivered to your mailbox first.
      Thanks again!

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