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Yes, Still Broadening

S&P 500 traded on a weak note Monday, yet signs from Russell 2000, cryptos and financials with industrials point to merely temporary reprieve in the broadening rally. Global liquidity is still favorable as Bitcoin and its miners plays within equities (MARA, COIN, MSTR, RIOT) point to, and Russell 2000 outperforming VTV and cyclicals without these playing some catch up, won‘t last forever.

Now, let‘s just get core PCE Thursday out of the way – not that the Fed would have been dovish in its pronouncements before. Risk-on with solid economy performance and homebuilders with biotech on fire, goes on.

As stated in Sunday‘s extensive analysis:

(…) There is power in reasoned simplicity – economy isn‘t slowing down, job market is performing, PMIs are improving, global liquidity and easy monetary conditions prevail. Strong NVDA earnings beat caused much appetite to invest elsewhere as well, and the earnings driven rally continues – Q4 earnings haven‘t been disappointing, and neither was the overall guidance.

Recession is far away in the era of fiscal dominance as talked in quite a few latest analyses, and yields while rising, are yet nowhere near killing the stock market advance – expect though volatility to increase when tax season gets underway.

Here is how I summed yesterday‘s session and prospects in going for 5,125 that would not mark a double top, in our channel – the long we trade dicey below 5,088, the greater the opportunities sellers have to start probing again..

intraday

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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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S&P 500 and Nasdaq Outlook

S&P 500 and Nasdaq

Indeed, 5,080s were reached as per yesterday‘s call, and it got only a little worse. Overnight bottom was carved, and now the buyers are trying to come back – with hiccups. Clearing 5,088 is a bare minimum target to level the playing field.

5,005 and a few points below would represent first serious resistance, and then there is 5,015 – the path to 5,125 won‘t be easy – good catalyst of not too hot inflation required.

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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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