S&P 500 didn‘t take well to the dual Swiss (SNB and CS) news with respect to the still too easy financial conditions, regardless of the Fed‘s tightening plans to bring up the Fed funds rate to well over 5%, and keep it there – as they say – for years. Yesterday‘s unemployment claims are already revealing the job market as starting to slow down, and the layoffs would spread beyond tech.
Stocks proved the cautious call from the European morning as right, and that got further reflected even before consumer confidence data comes out. I don‘t think that would trigger any game changing rally in stocks today.
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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 lost the benefit of the doubt, and I‘m not looking for any serious retracement of yesterday‘s downside. 4,045 followed by the key 4,010s support is of utmost importance so that the bulls can regroup and surprise on any not hot CPI figure Tuesday. 4,092 seems as a resistance that would prove hard to crack even on Monday.
Gold, Silver and Miners
Gold and silver aren‘t showing strength, and the short-term hesitation indicates a bit more downswide as very much possible in the short run. With the return of inflation (remember how the prior declines owed much to energy and used car prices), we‘re looking at metals to come back to the spotlight while crude oil returns above $80s with ease and copper maintains $4.
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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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