SPX Correction Here
S&P 500 did the compulsory little rebound yesterday – one I didn‘t trust from the get go, yet maxed it out for subscribers enjoying also the Intraday Signals. Stocks had been gradually deteriorating, and it became clear at the onset of European session that we‘re in for a risk-off day taking its toll on most economically sensitive real assets.
Today‘s analysis would be brief as everything is going all too well for the short stocks and other vulnerabilities highlighted Sunday regarding precious metals, and now commodities falling through immediate supports (copper $3.82 and oil back to the $80 mark) – I‘ll present more thoughts in the chart section and then conversing with you on Twitter..
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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
4,515 support would be broken to the downside today, and buy the dip reaction has poor odds of sticking especially if tech continues being pinned down and not rallying at least partially when yields retreat (flight to safety day today – that wouldn‘t though work for gold yet).
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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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