S&P 500 disregarded the hammer candlestick, and dove regardless. No surprise, there were too many oddities as I told you before publishing yesterday‘s analysis – strange showings beyond bonds. Tech obliged to the downside as TLT couldn‘t rise some more intraday, and HYG rightfully declined – the risk-on turn was a bit too much to stomach. Back to the trend, and it‘s still down in stocks. The open short profits can keep growing as yet another pre-market pump ran its course even if cryptos are holding up fine today.
Crucially, real assets refused to follow down, and the dust looks settling there – now, that better be confirmed by a miners upswing. Nothing unsurmountable, no matter how strong the USD is (and would still get). Yesterday‘s downswing needs to be worked off in the near term, and that concerns mainly gold as the yellow metal remains sensitive to a fresh upleg in yields, this late in the rising yields cycle. When rates turn, and Treasuries rise instead, then precious metals would shine. For now, the waiting game goes on in the short-term for many a commodity or metal, including copper.
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. Especially the closing prices and volume of today’s session would be insightful – it’s unlikely we’re making a local bottom in real assets today though.
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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