Housing, Biotech and Regional Banks
Just what do have these in common? Premium clients know all too well for a long time, and the underlying driver shows up in Russell 2000 too. S&P 500 closed yet again on a strong note, with improving rotations, but it‘s been set back sharply (sharply for those used to continued quick gains staircase up style) by poor data out of Europe this morning that you‘ll see commented in today‘s stock market chart.
As if market breadth cared – Russell 2000 keeps recovering while Nasdaq hasn‘t seen the upswing to ATHs really dialed back much. The chart annotation features my expectations for today‘s consumer confidence and existing home sales, with implied statement about the stock market corrective move this early morning.
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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, featuring S&P 500, credit markets, precious metals and oil.
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S&P 500 and Nasdaq Outlook
Short-term overextension continues, yet there is no bearish divergence yet to speak of. No pullback followed by making a lower high on any oscillator.
See how fast the Fri two speakers‘ effect was dialed back? Told you Sunday it would. That‘s even more of T-Bills and money market funds money sitting on the sidelines, not deployed in the stock market.
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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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