Risk-on Friday and NFPs
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
Tuesday‘s intraday reversal looks to mark the meeNasdaq did better than the S&P 500 yesterday, and the bulls look primed to extend gains today. The lower volume in a sluggish day before today‘s non-farm payrolls isn‘t an issue – the key question for the coming week is digestion of the anticipated not too bad numbers, which would bring taper closer in the marker‘s mind.
The plunge in high yield corporate bonds was more than decisively reversed yesterday, and the quality instruments suffered. Risk-on going into Friday, that‘s a good sign.
Gold, Silver and Miners
Miners‘ renewed weakness isn‘t a good signal going into today‘s session as precious metals were hit by the yield moves and faltering TIPS. Once again, inflation expectations are sending mixed signals with RINF being more resilient than TIP:TLT, and I continue to lean in favor of inflation turning out more stubborn than too many think. The notion of approaching taper is biting too.
Oil was indeed very close to reversing, and the strong showing in the energy sector bodes well for the nearest days. Local bottom looks to have formed, accompanied by greater resilience in the oil sector than was the case in mid-Jul.
Copper has turned, modestly thus far – the commodity index increase is more pronounced. Lower volume is a watchout, but the unfolding upswing should overpower it, letting open copper profits grow.
Bitcoin and Ethereum
Resolute downswing rejection in both Ethereum and Bitcoin – what more could the bulls wish for? It wasn‘t evidently sell the news day for ETH – the accumulation in cryptos can continue.
In place of summary today, please see the above chart descriptions for my take.
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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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