SPY Buying Turnaround
Instead of a breakdown continuation, S&P 500 took the semis act moving through Congress cue and didn‘t stop rising throughout the US session. 4,755 with 4,765 were overcome with ease, and Russell 2000 also recovered from the bout of opening weakness. As much as the upswing was driven by the 2023 stars of XLK, followed by XLC and XLY, the breadth wasn‘t disastrous – new highs new lows were the only fly in the ointment, and I don‘t think we‘re facing a bull trap this week before CPI (as written in yesterday‘s extensive analysis, beware of shelter and oil price effects, these would bite over the months ahead).
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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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Gold, Silver and Miners
Precious metals keep base building, and those lower knots would prove valuable in the coming days and weeks. Not too hot inflation figure would support gold that‘s wearing out rather than scaring out the buyers. I wouldn‘t be afraid of the China economic news of stock market performance, and would instead look at heavy central bank buying amid US national debt creation acceleration.
Crude oil is to shake off yesterday‘s setback really fast as nothing all too bearish has happened with the Houthi deal – just as I wrote yesterday on the premium Telegram channel for gold and oil – remember that world demand is still rising irrespective of the West while OPEC+ has a tight grip on supply.
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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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