Brief SPY Reprieve Extended
S&P 500 bears were unable to take advantage of unemployment data supporting more tightening, and 10y yield retreat from 4.70%, gave rise to a late day upswing that with each passing hour of bears failing to act, was enough for me to call for long SPX position right in the European morning across all publications for clients, also without fear of that pre-opening little drop.
Then consider the BoJ intervention, and you have even greater confidence that today is a day in the black for many asset classes, as I explain in this VIX analogy tweet. Even precious metals are stabilizing, and have reached a tentative bottom as I made clear in the premium Telegram channel for Trading Signals subscribers – together with there being no sinking of oil back below $90 now that $93 acts as a magnet. Summing up, what a miracle reprieve in yields can create…
Back to more live coverage on Telegram and Twitter – have a nice weekend in advance!
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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 served as a floor earlier today, and won‘t be broken to the downside. 4,365 will be reasonably overcome, while 4,385 represents an ambitious daily target that‘s quite probable to be reached and defended till the closing bell. 4,407 awaits if today‘s close is good and broad-based. The bears are in hibernation for the next couple of days at least.
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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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