Fighting the Fed
S&P 500 couldn‘t convincingly break below 4,015 and reach first 3,980s and then towards 3,965. Fed minutes merely reinforced the tighening ideas amid decreasing voice of „no landing“ and „disinflation“ narratives as amply described in Tuesday‘s key analysis.
NVDA earnings marvellously spurred erasure of the rightful slide on Fed minutes, Today‘s incoming data also confirm the Fed has further room to go in the short term before the 2H 2023 contraction arrives.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver and Miners
Gold and silver don’t look fine here, and more time in carving out sustainable local bottom, is required. If I were to allocate fresh money to the sector as a buyer, I would wait.
Oil looks troubled in the short-term still, no traction from China reopening or chiefly those credit infusions just yet. The longer it stays close to $71 – $73, the more concerning it becomes.
Copper keeps showing the way, boding well for other real assets – more in the months rather than in the weeks ahead.
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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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