S&P 500 gyrated as befits quad (triple) witching, but what has changed? Did higher for longer odds go up on PMIs coming in slightly above expectations? Not really, the odds of no cut in Sep are still comfortably low at 34%. While not exactly soft landing supportive, did it force any move to speak of, even on the short end of the curve? Look at the no rally chart below, and then at the troubled, troubling, place your adjective of choice, market breadth in the S&P 500.

Source: www.stockcharts.com

Source: www.stockcharts.com

What though to do with the dollar, USDJPY on the march, Norinchukin fear mongering, NVDA insider selling and its two day drop of around 10%? Are technical charts showing damage, much damage? You just see market breadth on pause as rotations are underway from Nasdaq to the benefit of some discretionaries and communications companies, to name a few. Also industrials have held up quite well during the rising dollar.

So, the only who truly took it on the chin during PMIs Friday, were precious metals, where an important move is looming as much as in oil.

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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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