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Tech Earnings and FOMC

S&P 500 moved sideways to slightly higher after closing the bearish gap thanks to weekend‘s attack in Jordan – upping the stakes is still the Mideast theme as neither side is backing down. While oil had its run (called many days ago) well underway and ripe for cooling off, gold (with silver) had been turning slowly up following Friday‘s lackluster session as per calls made in my premium gold & oil Telegram channel. And given where we‘re with yields (weren‘t that far off 3.60% mark called for end Dec 2023) and on the way to finish 2024 below 4% or even 3.75%, the current trend of disinflation and soft landing narratives getting adequate support from incoming data, is still on.

Meanwhile, the SMCI earnings did result in upside NDX and ES move predicted (bringing more very short-term goodies in our channel), and today‘s JOLTS report is unlikely to upset the apple cart (Treasury funding requirements are slowly moving into the spotlight with FOMC tomorrow). Late yesterday‘s comments follow:

intraday

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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, yields, precious metals and oil.

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Credit Markets

yields

Yields are starting to relent in the pressure, and that‘s obviously a good sign for risk taking in general. Part of the move is surely safe haven flight even if the dollar moves in a tame way, more of that yields decline is thanks to recent batch of earnings where I am not looking for especially MSFT, then GOOG or AMD disappointment.

Gold, Silver and Miners

gold, silver and miners

I have been leaning the gold optimistic way with reason, and the slow grind higher in precious metals continues – both SIL and GDX are improving alike. Rush to safety on upcoming Mideast developments would be only a cherry on the cake.

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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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