Tame PCE and Dip Buying
Yesterday, S&P 500 initially tumbled on economic data supporting the notion that the econmy isn‘t falling apart equals Fed has room to raise by those two more 25bp this year, keep shrinking its balance sheet and remain restrictive. Following though on prior solid breadth, the dip got bought within hours. Slow grind up is still the name of the game.
That was my call at the onset of European session, nothing bearish premarket – as the core PCE draws near, this anticipation had been fulfilled. As I don‘t expect a hot inflation figure (this is Fed‘s probably favorite core figure) – rather 0.3% month on month at most – this should work to ultimately let stocks overcome any initial gyration with ES move to the upside, helping real assets and weakening USD,
Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren’t enough) – combine with subscribing to my Youtube channel, and of course Telegram that always delivers my extra intraday calls (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.
So, make sure you‘re signed up for the free newsletter and make use of both Twitter and Telegram – benefit and find out why I’m the most blocked market analyst and trader on Twitter.
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
4,432 as nearest support should hold, and 4,415 wouldn‘t come near today. My expectation is that the initial dip (if any to speak of) would get bought, and it would be up to XLK, XLC and XLY to kick in and support the usual XLE, XLI, XLB and IWM with a push to 4,455 and likely breaking it on a closing basis.
Gold, Silver and Miners
Miners have moved nicely yesterday, and gold with silver can surprise following today‘s PCE data. Too early to look for a turning point and new sustainable upleg though.
Thank you for having read today‘s free analysis, which is a small part of my site‘s daily premium Monica’s Trading Signals covering all the markets you’re used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium Monica’s Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates.
While at my site, you can subscribe to the free Monica‘s Insider Club for instant publishing notifications and other content useful for making your own trade moves.
Turn notifications on, and have my Twitter profile (tweets only) opened in a fresh tab so as not to miss a thing. Thanks for all your support that makes this great ride possible!
* * * * *
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.
Sign Up for Monica’s Insider Club!
It’s free and you’ll get my message right when a new post goes up.