Doubting ot Not
S&P 500 took it on the chin as Powell didn‘t chicken out. Yeah, he indeed delivered as I said he has no other realistic choice really. Of course, the banking stocks didn‘t like that, and the stock market selloff was broad, but for all the jubilation, check this three-part thread for my immediate aftermarket commentary further enriched by European morning perspectives.
Yes, this selloff needs to continue, but for all I see in bonds, USD and real assets at the moment, odds suggest a far from uneventful (one filled with intraday narrow range traps) session ahead.
I‘m commenting on real assets in the below premium section, here let me remind you of the real winners in 2023 and beyond.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
4,045 was indeed rejected before the close, and 4,015 broken to the downside. 3,945 – 3,958 is the next objective for the sellers, and odds are it would be reached and breached rather tomorrow, with 3,915 – 3,927 milestones waiting for further bearish catalysts no earlier than next week.
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Monica Kingsley
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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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