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The Shifting Pendulum

S&P 500 budged intraday credit market indecision, and moved higher no matter how poorly tech traded. The upswing in stocks was driven by value rising in spite Treasuries moving higher. Probably the most important question is whether yields have peaked – and the answer would still be that no, probably not yet. 10-year yield at 2.85% is respectable, but probably not enough of a heat yet. All in all, I‘m still looking at the S&P 500 upswing as a counter trend move, one that can be reversed over the nearest days on Powell or France. Not jumping to conclusions about trend change yet, for there are a few oddities about the 500-strong index advance.

Namely, the commodities soft patch appears to be once again reversed, and that would make the stock market bulls‘ fate tougher. Miners aren‘t confirming the precious metals‘ daily hesitation too convincingly, but the metals strength usually kicks in a bit later these days (meaning after commodities turn, which is what today‘s closing prices would likely show). The pendulum is shifting back to real assets…

There won’t be a regular analysis featuring charts or Twitter activities today, 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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Monica Kingsley
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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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