Monica Kingsley
Monicakingsley
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.
Let‘s move right into the charts – today‘s full scale article contains 3 more of them, with commentaries.
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-tern 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.
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.
Recommended Content
Editors’ Picks
EUR/USD flirts with daily tops near 1.0730
The continuation of the selling pressure in the Greenback now lends further oxygen to the risk complex, encouraging EUR/USD to revisit the area of daily highs near 1.0730.
USD/JPY looks stable around 156.50 as suspicious intervention lingers
USD/JPY remains well on the defensive in the mid-156.00s albeit off daily lows, as market participants continue to digest the still-unconfirmed FX intervention by the Japanese MoF earlier in the Asian session.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin (BTC), which showed strength last week, has slipped into a short-term consolidation.
Five Fundamentals for the week: Fed fears, Nonfarm Payrolls, Middle East promise an explosive week Premium
Higher inflation is set to push Fed Chair Powell and his colleagues to a hawkish decision. Nonfarm Payrolls are set to rock markets, but the ISM Services PMI released immediately afterward could steal the show.