ES to Surge Above 4,300
S&P 500 followed up my projected path yesterday – dip soon bought, then chop and up, ignoring bearish macro data. GS assigning lower odds to recession made for the dip to high 4,270s, as the implications are bearish, but given the quite greedy sentiment, stocks were slated to ignore that given the bullish market breadth (expanding leadership while tech didn‘t sink), allowing me to call for more upside to develop overnight, i.e. justifying holding the tactical intraday trade.
Today‘s commentary will be brief, focusing on charts and levels within the most interesting markets below.
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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
I called for gold and silver to do well yesterday and today – and they‘re likely to deliver, modestly deliver. The levels below should hold even during FOMC turbulence the way things stand now – quoting „I‘m still not looking for breach of gold $1,930 – $1,950 , or silver $23.15 (I had to update the silver zone of $23.15 – $23.40 to its lower border only thanks to prior copper weakness)“.
Glimmer of hope in crude oil – black gold seems set not to decline heavily (to or below $68) this week, following yesterday‘s price action, and continued USD dillydallying and recessionary tiptoeing.
The caption says it all, copper and commodities are doing quite well. The farther and longer before FOMC the red metal stays above $3.77, the better for odds of $3.72 holding up during the somewhat hawkish leaning upcoming conference.
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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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