Instead of muddling through, S&P 500 moved down on slightly rising daily volume. It sure looks like the relative lull is in its latter innings, with the bears coming back. The only thing unclear is whether the bulls can respond later this week. The prior one, they barely hanged on, and as the credit markets declined yesterday on a much greater volume differential compared to the calmer days, I think the stock market bulls stand a rather poor chance this week – the volume is rising, and would probably surpass prior week‘s one. Anyway, bonds are doing the tightening for the Fed, and neither tech nor value like that. Moreover, cryptos confirm the downturn in sentiment.
Miners are saying gold and silver aren‘t yet out of the short-term woods – the base building continues, and yields are exerting pressure. Not even the rush to the dollar though could take both metals below the Feb 24 levels, which is quite an achievement. Real assets and currencies these trades are based in, are bound to hold up well – crude oil is solidly back above $100, and the upswing in spite of oil stocks weakness yesterday, hasn‘t ended. Copper keeps moving higher in fits and starts, base metals and agrifoods are merely consolidating before another upleg. In short, the runs go on.
There won’t be a regular analysis featuring charts or Twitter activities for most of this week either, but I’m keeping a close eye on the markets and will issue a sound commentary whenever required by the markets on my watch.
Thank you for your patience.
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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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