SPY Breadth and Hawkish Fed Talk
S&P 500 defended 4,515 and 4,507 alike, and ignored hawkish Barkin talk. Surging through 4,535, and ultimately reaching my intraday channel target of 4,565 meant more gains for intraday and swing trading clients alike – just when market breadth improved noticeably again.
This leads to the valid question of how far away is the top – is the Q4 rally slowly getting over, and if not then what would be the shape of the upcoming correction?
Today‘s full analysis answers these questions while illustrating the short-term with NVDA chart, predicting earnings market reaction.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 6 of them, featuring S&P 500, NVDA, credit markets, precious metals and oil.
Stocks and Sectors
Market isn‘t expecting a downside NVDA surprise, and is actually priced for a muted reaction that would be neither as bullish as May earnings, nor as bearish as Aug ones – in between rather as the grind higher won‘t be disrupted much really.
Credit markets also continue favoring bonds going up some more – I‘ve been telling you about a turn in rates (TLT) later this year. The daily HYG weaker close though hints at a brief consolidation in stocks.
Gold, Silver and Miners
Precious metals continue being bullish – yesterday‘s daily candle bodes well for such upswing continuation that would take out $2,000 with ease.The decline in silver isn‘t likewise to be feared – see base metals and how well copper is doing too. More to come – I‘m not warning about a daily downswing.
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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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