First Downside Target Reached
S&P 500 attempted to close the opening gap, was rejected, and slid through my first (intraday) downside target of 4,155, and as it became obvious thanks to bond price action that a rebound was developing, I called off the shorts to your benefit both intraday with last two day‘s tally of +66 e-mini ES points, and also in both daily publications that brought +121 e-mini ES points to clients via trailing exit at 4,168 (all it took was six calendar days).
Tech, communications and discretionaries didn‘t disappoint and led the index down (yields didn‘t convincingly give up till later in the session), and cyclicals decently joined in the decline. Local bottom is though approaching, and within the stock market section I‘m sharing my two picks of where that bottom is in terms of prices.
Today‘s core PCE didn‘t diverge much from expectations, and is likely to lead to the projected moves (directional) in stocks and gold (I see oil as in need of more consolidation around my latest $83.50 level).
See the chart section for the usual detailed analytics with levels.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.
Crude Oil
Crude oil is bound to spend more time consolidating $83.50, and $1 moves in either direction won‘t be an exception. The base is though building for a fresh swing to the $86 area.
Copper
$3.55 copper is to hold, and conversely $3.68 isn‘t all that far – next week only. The red metal is starting to show very short-term resilience, which would revive silver to a modest degree as well.
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Monica Kingsley
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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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