Monica Kingsley
Monicakingsley
S&P 500 had a relatively uneventful session, but still managed to close up on improving market breadth – all without XLF taking part. Bonds were likewise bought, earnings announced good, and now the wait is on for AMD, AMZN after the close Tuesday. AMD is likely to disappoint, but the same can‘t be said about KO already in. The dollar also faces trouble pushing higher – will the FOMC just be a repeat of Powell sounding a dovish tone in Mar? For all the contradiction of several board members and difference of opinion with Larry Summers, I think so.
This is how I summed up the S&P 500 drop warning before the close in our channel yesterday, and what I added this European morning.
Let‘s move right into the charts – today‘s full scale article contains 3 more of them, with commentaries.
S&P 500 and Nasdaq
Expect some false breakdowns and breakouts before FOMC, but the slow crawl higher with flushes being bought, is sending a clear message – I‘m leaning towards not truly hawkish Powell tomorrow. Trading range before then. Employment cost index is a bearish stunner, but I‘m looking for the dip to be bought, to a degree already today.
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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