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The Great Turn Called

S&P 500 recovered from fearful Friday selloff in the Asian session, and even managed to spike on hot retail sales (no landing) balanced by slower Empire State manufacturing (soft landing – I was however doubting that move. Expectations of a selloff based on Saturday‘s extensive analysis came to fruition so early during the regular session, and the short calls panned out great for all clients. The success grew more pronounced on the Israeli War Cabinet meeting conclusion, which gave fresh momentum for yields to rise.

Today‘s (free) analysis will be still shorter – I‘m at an extensive article for both clients and free readers, and as always in your premium Telegram channels.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 more, with commentaries.

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S&P 500 and Nasdaq Outlook

S&P 500 and Nasdaq

Another lower low, and the trend looks quite set in place – note that daily volume didn‘t reveal enough buying interest. Low 5,160s weren‘t serious to bring up as support, but 5,125 fell instantly. 5,080 is the next objective for the sellers, but I don‘t think they can reach it today. Still, the medium-term outlook is bearish, and Russell 2000 will lead in this adjustment to rising yields and stubborn inflation.

Today‘s housing data came on the soft landing side clearly, and that‘s constructive for the major indices least susceptible to rising rates (read this in the daily context only).

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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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