Bulls to Get Challenged
S&P 500 has been rejected at 3,900, but is showing premarket fine resilience in light of the META disappointment – and AAPL is reporting today. Sectoral market breadth is simply improving, value and cyclicals are keeping stocks afloat no matter the coming tech earnings (that covers AMZN too) with their possible gyrations offering buying opportunities.
Bonds have retained risk-on posture even though HYG was somewhat rejected. The premarket positioning is cautious, with the dollar retracing a good deal of this week‘s decline – advance quarterly GDP data is unlikely to trigger a selloff in stocks. The sentiment today is though undeniably cautious as precious metals, commodities and cryptos reveal.
What‘s a clear warning sign for stocks short-term, is the combination of declining VIX and also the advance-decline line. While META didn‘t exert that much influence, the coming two days could test the bulls adequately – with still relatively fine incoming economic data postponing that challenge for later today and tomorrow. Make no mistake though, the horizon is slowly darkening while silver followed by oil, copper first of all, and then gold with confirming miners, retain the highest medium- and long-term potential.
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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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