No Rocking the Boat

S&P 500 defended my 3,955 level by stopping full 10 pts above it, and turning up swiftly. The rise was accompanied by good breadth, and ducks lined in a row when it comes to former laggards (tech), high betas incl. financials and just broadly speaking value stocks, and smallcaps with the dollar remaining tame. Bonds also didn‘t present any red flags.

And with TSLA earnings really good yesterday, then GDP not decelerating nearly as fast enough as anticipated, PCE prices advancing and GDP deflator coming above expectations, the table is set for the Fed to miss a good tightening opportunity next week as durable goods data also attests to (which the markets would just love to see short-term) – compare against the following summary dating back to before today‘s data batch became available.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com).

S&P 500 and Nasdaq Outlook

S&P 500 and NAsdaq

S&P 500 moved out of the hot water, and the bear market rally can continue. 4,040 is to get in rear view mirror on today‘s close, and I would be eyeing the 4,080 – 4,085 area as the nearest solid resistance target (ultimately followed by my 4,130 of September CPI fame).

Credit Markets


No warning signs here, and the still reasonably fine real economy data of today, should help bonds to clinch a risk-on close. HYG is to outperform TLT today – and the most sensitive real assets will like it!

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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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