Uneasy SPY Run on Easing

Yesterday‘s JOLTS stunner not only didn‘t paint the picture of economic acceleration (my humble prediction), but showed strong job market deterioration. Together with the more than five non-farm payrolls revisions to the downside, it invited a sharp retreat in yields triggering rush to Big Tech safety. Right or wrong as stocks cut through 4,465 in no time, that allowed for quick recovery in Intraday Signals while 4,485 resistance was hanging in the air. 4,508 level was reached, and the next 4,515 resistance stopped the buyers premarket.

Market is focused on Fed easing now, and with yields retreating (I still say 10y very solidly below 4%), the forward earnings repricing angle in stocks has to wait. What‘s though suspicious, is that financials didn‘t take a better advantage yesterday. Concluding with yesterday‘s premium thoughts – the question mark is where do stocks start to reflect worsening underlying landscape, and tech not being a safe haven. Also, the most reliable plays remain precious metals at the moment,

Anyway, as today‘s title suggests, I think that yesterday‘s gains would be getting dialed back, starting today.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them.

S&P 500 and Nasdaq Outlook

S&P 500 and Nasdaq

4,529 – 4,535 area won‘t be reached, and fresh selling is likely to take over, affecting also tech even if yields retreated. Cyclicals and value with smallcaps surely won‘t like this real economy deterioration – 4,515 remains resistance, reaching 4,492 is the accelerator to breaking down towards 4,465, which though isn‘t overwhelmingly likely to happen today. See this tweet about DIS to check how discerning the market is, even if euphoric overall. The price action in the opening 15min though suggests that buyers want to have a go at 4,535 ultimately, still today.

Gold, Silver and Miners

gold, silver and miners

Precious metals remain the most reliable performers, and a test of $1,980 is slowly but surely approaching – powered by retreat in yields more so than gyrating dollar. Even the hot silver is still a buy here.

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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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