SPX 200-d MA Games
S&P 500 was slowly and steadily crawling higher through 4,260 till 4,280, but even in the run up to GOOG and MSFT earnings, made it to 4,290 only. The key event was Blinken‘s statement on Iran, fitting well with the path of escalation I described in Sunday‘s extensive article. ES declined to 4,245, but had trouble breaking below, and today‘s premarket is bringing price action with 4,260 acting as the first resistance.
As regards yesterday‘s data:
(…) Add today‘s manufacturing and services PMIs coupled with Richmond manufacturing index, and odds are these wouldn‘t be breaking down badly, meaning these would support the Fed‘s higher for longer – policy that markets are still getting accustomed to post FOMC.
they didn‘t trigger more higher for longer (rate raising in 2023 is probably over) fears, but instead lent credibility to the recession avoided chorus, which would be however proven wrong in the 3-6 months ahead..
Still, that doesn‘t mean you couldn‘t have taken a quick intraday advantage via Telegram while waiting for the larger move to unfold (specifics in the chart section below – I can‘t stress enough the benefits of combining patient swing trading with intraday calls and real time commentary).
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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 would probably present itself as one of the stronger top stocks, but I doubt it would take out $330 very soon. This is rather a sideways chart with a bullish bias.
Gold, Silver and Miners
Gold and silver consolidation is slowly drawing to its end, and both metals are likely to keep crawling higher over the neart term – the chart is really bullish for the patient investor.
Crude oil keeps consolidating, and is showing short-term weakness that it would though start recovering from in the days ahead. $83.50 is proving to be a good support, but the road to $86 is still long (not a matter of today or tomorrow).
Copper made an encouraging rebound off $3.55, showing real assets aren‘t spooked by the upcoming Powell speech. Sticky inflation coupled with strong data yesterday (US recession still far off as per PMIs) bode well for base metals as well.
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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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