Daily ES Bearish Upper Hand
S&P 500 was complacent yesterday given VIX only at 18, but the key turn happened in tech, in the waning NDX market breadth. No rush to the exit door yet, but the rotation into value and cyclicals was barely there, and more than debt limit bill vote is to blame.
CDS have made up their mind – there wouldn‘t be a default, they are declining. And Treasury bringing up fresh supply to the bond market means there would be less liquidity to prop up assets paper and real – the dollar is going to like that.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.
Gold, Silver and Miners
Gold and silver correction clearly isn‘t over, but $1,930 and (not $23.15 but) $22.40 at worst, should hold.
Crude oil woes are back, with vengeance – targets given in the chart. Similarly copper is set for $3.55 rendezvous, for exactly the same reasons.
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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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