Breaking the Range
S&P 500 corrective move indeed ruled yesterday, but no important support was breached on a closing basis. While market breadth is nothing to write home about, and financials daily candle looks ugly, I don‘t see a sharp stock market downswing breaking through yesterday given support levels, as likely or imminent.
It was though only oil that took advantage of USD relief rally sputtering – and to a certain degree copper while precious metals remain in wait and see (vulnerable short-term) position. Bonds though favor a risk-on resolution, no matter the creeping in 5.50%+ or even 6% Fed funds rate chatter.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
The bulls continue having the benefit of the doubt, and will spend little time today defending from selling onslaught. The unemployment claims in and above expectations, for a change – illustrating the slowly darkening job market outlook (where even Powell refuses to consider Jan NFPs on face value in the fight against inflation, knowing full well about those seasonality adjustments), will play into Fed pivot bets and retreat in yields, all supporting stock buyers.
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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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