Squeeze Into AMZN
S&P 500 daily bullish call worked better than expected, and the road from META till AMZN earnings was indeed free from bearish setbacks. Neither AMZN earnings aftermath did sink stocks, and the following call has also turned out true – the consolidation expected earlier in the European session and well before core PCE data announcement materialized as well.
France data on inflation and consumer strength though paint a worrying picture down the road, and that would force reappraisals of Fed tightening ultimately in the States too. My call for persistent and sticky (stickier than the central bank would be comfortable with) core inflation did also come to fruition, and for all the stock buybacks lifting up shares, would catch up with the stock market – and USD agrees.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
This isn‘t a risk-on turn to trust, and quality debt instruments are to keep doing better than junk corporate bonds over the coming weeks. Poor market breadth wouldn‘t lift stocks and sort itself out along the way – the tech behemoths would once again find themselves leading the charge when much of the troops refuse to advance. We‘re still away from that moment though.
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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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