Traps, More Traps
S&P 500 just couldn‘t keep its head above water, and those rips were sold before the close, opening the door to my key 3,980 level. And that was consumer confidence only day, which has shown that people don‘t like that much being squeezed by inflation and having to increase savings while real personal income isn‘t going anywhere. The bulls found the news of course impossible to run with – well, I say bulls, but more correctly that should read as buy the dippers, i.e. those on the lookout for an elusive rebound.
And elusive it would be no matter the good data from China with positive consequences down the road that were again sold into, because today is the manufacturing PMI – and stocks are appropriately positioned equals sliding into the data release (the telltale sign why explained in the chart annotation – chart courtesy of www.stockcharts.com). Breaking below 3,955 is the objective as the bears are aiming next (before Friday is over) towards the 3,910 strong support.
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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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