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SPX Range Established, Or Not

S&P 500 reversed higher into the GDP announcement, yet didn‘t keep the advance following that release. One more decline to establish a higher low, and only then rising steadily through aftermarket. Broad market breadth, no warning sign to speak of – apart from VIX the trouble maker, which was the only one that woke up Wednesday and saw its upswing continued yesterday. At 14.28 though, I called in our intraday channel for its decline, and it did close below 13.65.

So much for the only outlier as neither the dollar nor bonds have spooked the markets really, and today‘s core PCE is likely to show continued disinflation and come below the expected 0.2% – at 0.1% probably. That would mark another good figure (thanks to the way its composition is construed) causing S&P 500 to swing higher in a „inflation has been defeated and rates can be cut in Mar“ celebration. Gold is already behaving as if we‘re there, but let‘s dive more into the stock market prospects posted this European morning in our intraday channel.

intraday

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them, featuring S&P 500, precious metals and oil.

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S&P 500 and Nasdaq Outlook

S&P 500 and Nasdaq

Neither yesterday was 4,735 reached, and the VIX turmoil is dying down. Sectoral choices are likewise unaffected, and the more time passes with Wednesday‘s range being respected, the more this sticks and the factors at large (trend and macro) are to prevail in Jan.

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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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