SPX Upleg Continuing
S&P 500 led by large cap tech and biotech benefited from the VIX crush, and bond market sentiment remained constructive. Yields certainly didn‘t continue rising, but the dollar is eyeing the Monday mentioned 103.50 at least. This would though exert more pressure on gold rather than the 500-strong index that would continue benefiting from rotations, and also CPI tomorrow coming at or more probably below expectations while PPI would reveal even more of an (upcoming) real economy slowdown – not enough to bring about a recession, but enought to cause soft landing turbulence (doubts).
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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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Credit markets aren‘t flashing red, and once the dollar turns south again, not breaking early Dec highs by much really, a fresh round of risk taking in still easy monetary conditions, and profits chasing, would follow.
Gold, Silver and Miners
Precious metals keep base building, upswing doesn‘t stand a chance yet, and the path for this week and next is outlined in the caption. Yields and the dollar are more than half way through rising, and a spring rally in gold is ahead.
Crude oil confirmed it was to shake off yesterday‘s setback really fast as nothing all too bearish has happened with the Houthi deal – just as I wrote Monday 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. Last but not least, soft landing thesis is also supportive of the oil price, and the degree of negative sentiment regarding Europe, has been huge lately, and that makes up for less gloom in the near term as well.
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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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