Tight Range Grind
S&P 500 reversed lower before the closing bell, but the low volume took away from the move‘s credibility. Only the bond market was more pessimistic in its close, however the USD reverxing premarket gains into solid red, continues hinting at more upside in stocks – no matter the potential headline risk from manufacturing and PPI data today (retail sales tomorrow would be more conducive than these two). These though would reveal that we aren’t yet in a recession, and that one isn’t knocking on the door.
For today, tech is likely to do better than value, which attracted rising selling pressure yesterday. The retreat in yields is likely to cushion primarily the beleaguered tech and communications, taking the daily spotlight from real assets. I am not looking for a sizable bullish move today in precious metals or oil – stocks will provide more opportunities.
4,010s are likely to provide some resistance while 3,973 remains the support that‘s increasingly less likely to be jeopardized today. 4,040s are more probable – I‘m looking for risk-on to win after the open, which would would help real assets intraday too, but would be followed by some selling before close again.
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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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