Weak SPY Buyers, Very Weak
S&P 500 offered only a modest opening rebound, and continued one way south though my daily 4,340 „point of control“, all the way to the key support of 4,315 – undershooting it, and staging a weak premarket rebound. Sectorally, it was a clear washout taking even XLE down over – 0.5%. HYG with TLT mirrored the poor risk taking sentiment, and today the buyers can stage a moderate dead cat bounce targeting 4,340 to 4,365 area, but probably closer to 4,340 only.
Given the selling pressure seen everywhere apart from oil, I‘m not looking for any dramatic stock market reversal this week – as we seem to be headed to the lower 4,2xxs, it‘s a question of path in price and also time, which isn‘t on the side of SPY buyers. Meanwhile, the bearish gold, silver and still bullish oil calls are working out for you without delay!
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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
4,340 isn‘t likely to give way, and actually a break of 4,315, then 4,307, and finally 4,298 are more likely later this week – don‘t have too high (bearish) expectations for today. Any cyclicals outperformance over tech today, would be insufficient to turn the selling pressure, and would offer a daily stabilization on par with Monday at best.
Gold, Silver and Miners
Precious metals still aren‘t a buy, and there is no change to my bearish sentiment shared every last couple of days. Not until yields top, which we‘re still far from doing, at least in time (more than a couple of weeks).
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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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