Pre Core PCE hesitation
|S&P 500 acted tired following Tuesday run, and respected my 5,135 level not to be reached. The exhaustion offered quite a few intraday opportunities to capitalize on, first short and then long. For all the positive corporate bond market posture, stocks are hesitating, but should act relieved especially following today‘s unemployment claims. I‘m not too sure about pending home sales, but I think 0.3% expected vs. 1.6% prior, is an underappreciation and the actual figure would support XLRE, hence ES.
Here is how I summed it up in our intraday channel this European morning.
Let‘s move right into the charts – today‘s full scale article contains 3 more of them, with commentaries.
Crude Oil
Oil with copper are looking best today just as they did yesterday, but gold with silver are showing resilience to yields moving up premarket, and that precious metals move can last through today at least.
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