Buying Fed Speakers‘ Message
S&P 500 made a sharp recovery from hot retail sales data, yet failed to hold the break of 4,415 on otherwise good breadth data. Defensives didn‘t outperform, and tech breadth wasn‘t disastrous – cyclicals simply did much better as I‘ve readied you for.
And as you know about the intraday wealth covered, we‘ve made some fine DAX calls yesterday in our channel (+158 pts together). And my today‘s contributions before the housing data paint a clear picture summarizing Tue before the closing bell, and one of market reaction to housing data disappointments.
Now that it‘s clear these are mixed and not too dismal yet, you have also my premium call for turnaround latest on (yet again dovish Fed speakers, not of the too-high-inflation Kashkari kind), you‘re ready for yet abother buy the dip day today – if you are also subscribed to Monica & Ellin Intraday with plenty of live coverage supplementing these heavy analytics daily articles (thank you for the rising interest in the packages combining daily and intraday services!).
Final reminder from yesterday‘s article as to what would power stocks considerably higher still:
(…) Goldilocks economy is to still win over rate raising fears – the multitude of recent Fed speakers are to be trusted as regards of Nov or even Dec rate hike absence.
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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.
S&P 500 and Nasdaq Outlook
4,354 is way out of today‘s range of possibilities, and so is 4,365. I‘m looking for credible signs of bid emerging even before Fed speakers start speaking. Big picture, stocks are starting to live with higher rates – this Mideast reprieve in rising rates, didn‘t last long, and the following chart with my caption speaks clearly.
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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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