Fed to the Rescue
S&P 500 did another premarket consolidation only to spike following the opening bell, but the decision not yet to chase the upswing, was a correct one – the setup wass good enough only to capture intraday gains both ways, and the results since bringing you broader daily analyses and upgraded intraday services, has been smashing – 100 e-mini ES points captured in two days only, with the extra individual stock picks also humming along.
PPI came in hotter than analysts expected, but I readied you for that. The key event of yesterday though was the array of dovishly reassuring Fed speakers providing the initial risk-on rally fuel. Expect the FOMC minutes to be released later today, to be still on the more hawkish side. Market impact and daily plus medium-term projections are covered in the individual market section, so please do sign in to your accounts with me to read and perhaps also act on whatever is available for you.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 5 of them.
Sectors and Stocks
META is still among the best Big Tech charts, and $330 is closer than a break of $310. I would wait for today‘s anticipated tremors (described above) to play out before entering. Good SMH posture hints at eventual bullish resolution with $314 serving as a first opportune consideration to scale in – in the worst case short-term scenario. In short, I‘m not looking for a meaningful pullback.
Crude Oil
Crude oil faces downside risks, and even $84 can come into play on little fresh news to scare the markets. It‘s the volume of yesterday that‘s most telling in the bearish headwinds set to prevail.
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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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