Stocks To Still Extend Upswing
S&P 500 made two runs over 4,300, yet was rejected in each. Bonds though didn‘t paint universally negative picture – only the sectoral composition of the decline did. Whatever caught up Friday and before, saw progress dialed back yesterday. Not on huge volume, and given the HYG price action, we‘re likely to see buyers stepping in after the opening bell‘s selling.
Encouragingly, stocks didn‘t tank on RBA or poor German data, precious metals remain relatively strong, but cracks in the tech dam are starting to emerge – AAPL, and NVDA a bit. Thus far, the market is more likely to offer intraday opportunities in line with my latest offering than a real tactically shorting one (that‘s approaching, but not yet quite here). Seems though 4,320 to be a tough nut to crack in June…
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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.
S&P 500 and Nasdaq Outlook
The call for decreasing momentum and consolidation of Friday‘s sharp gains worked out, and stocks broke even below 4,283 test, doing so after (and not before) heading for the 4,305 resistance. That gives slight upper hand to the sellers today, but 4,247 should hold (and not even be seriously approached).
Junk bonds held up actually well yesterday, and as long as $74.20 holds today, ES buyers can come back later this week. Low volume session in a tight range would be ideal for such an outcome.
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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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