Less Tightening Win
That‘s what S&P 500 needs – and with my patient call of the upside resolution to the recent range being more probable. For all the excitement of making another great call, don‘t lose the big picture view.
The not overly hot jobs figure allows for the Jan top to be made, with the first objective to be completed, being the upside break of 3,875. Note how well silver, copper, gold and oil are doing in the NFPs aftermath.
I‘ll keep commenting the live price action on Twitter as:
(…) The narrow window of opportunity to allow the market celebrate CPI while PPI continues raising its ugly head, is at hand.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
3,875 is likely to give today, and 3,895 – 3,910 zone awaits for Monday. Yes, be patient because stocks are running with a Fed tightening misperception – the central bank isn‘t backing off.
Gold, Silver and Miners
Silver will again rise from here, it‘s a matter of very short time till $23.80 goes in the rear view mirror. Note also my yesterday‘s tweets about fine reversals in GDX and SIL.
Crude oil, this laggard of 2023, is hesitantly starting to move as well, but don‘t expect miracles too soon or too fast. Still worth holding here for more upside though. As 2022 was the year of energy, and 2023 would belong to metals and agrifoods.
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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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