SPX Uptrend Resumption
S&P 500 reversed right on cue yesterday, and the retreat before AAPL earnings was duly bought. Next, it was up to the run up to the non-farm payrolls – stocks froze with fear for which I saw no reason. We got no bad miss in NFPs, and that cleared the path to my a) scenario tweeted in advance. Sectoral performance was good enough already yesterday, and the path to resumption of stock market rise, is clear for today – with returning rotational strength. Subscribers of all three publications are benefiting – and as the notion of rising yields (Treasuries are to gain today) puts a check on projected USD appreciation path, we have that catalyst returning luster to real assets as well.
I‘ll be commenting more live on Twitter – as regards intraday price action in stocks, gold and oil on Twitter and Telegram. Plenty to look for as a pause in rising yields is what tech as well needs badly.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 2 of them.
S&P 500 and Nasdaq Outlook
Now 4,515 is the support – tested, and held. 4,565 is though doable today even without your typical VIX crush Friday. 4,585 – 4,592 awaits for Monday latest. The retreat in defensiveness is all too palpable as my tweets series from this morning to NFPs shows.
Gold, Silver and Miners
The path forward would be gradual – plenty of tightening and collateral hits biting other markets (courtesy of Japan‘s YCC move), so the humble goal is to carve out a convincing local bottom. For today at least, the buyers have the initiative.
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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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