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Peculiar FOMC Minutes Reaction

S&P 500 ignored soft landing supprotive data (JOLTS, manufacturing PMI), and instead sold off following – not on – FOMC minutes even if these contained slowdown of the balance sheet shrinking. Russell 2000 took the key hit, and it was led by regional banks rather than biotech, in a way connected to the XLRE (meaning real estate – commercial and not necessarily single family homes).

Meanwhile the 30 min, 4 hour and daily ES charts are screaming still danger and dust unsettled ahead even if VIX duly retreats (except yesterday, closing above 14) – my first 4,755 support level is slowing the descent, but 4,735 is to act as a magnet, especially considering continued (big) tech weakness and smallcaps not catching their breadth.

Ignore not the USD upswing and rise in yields over the last couple of days either – more than tax selling seems to be going on. And as regards today‘s data, here‘s my commentary from our intraday channel.


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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 2 of them, featuring S&P 500 and precious metals.

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S&P 500 and Nasdaq Outlook

S&P 500 and Nasdaq

Wave goodbye to the 4,755 support slowing the sellers, here comes the 4,735. It‘s been a relatively uneventful day yesterday, marked chiefly by incoming data and minutes which should have worked for the buyers, but didn‘t – and that‘s in itself telling, caution warranting.

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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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