NDX Gains Bonanza
S&P 500 overcame the selling pressure with ease, stopping in my high 4,870s support area – that‘s as good a correction as we can get. Being pulled up by healthy rotations letting Nasdaq and communications shine while financials consolidated the high ground gained – all my sectoral picks talked weeks ago with premium clients – S&P 500 closed at fresh ATHs, was fueled by the good NFLX earnings I called for (here) – I picked this stock by the way for you already late Oct at $346.
Both swing and intraday traders are taking part in the growing gains, and ASML reporting premarket is today‘s highlight – and fine it came. That concerns both ES and NDX, here is the example from our channel this European morning – and forget not that you can over Twitter DM / Telegram message request full peek under the hood so as to be on the right side of market action during GDP and core PCE.
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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
Gold will also participate in this „reversion to the mean when it comes to rate cuts expectations trade“ – Mar 25bp rate cut odds are back at 50%, USD is turning south, and gold will slowly start benefiting. Soft landing narrative still winning is positive precious metals as much as China stimulus approaching (concerns especially copper).
Crude oil reached range midpoint, and I would prefer to wait for a pullback to buy, from risk-reward perspective. Obviously with the Mideast situation, patient investors can be (could have been) waiting for more ever since the low $70s bullish call I made.
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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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