Navigating forex trends amid S&P 500 rebound and commodity declines
S&P 500 did the compulsory little rebound yesterday – one I didn‘t trust from the get go, yet maxed it out for subscribers enjoying also the Intraday Signals. Stocks had been gradually deteriorating, and it became clear at the onset of European session that we‘re in for a risk-off day taking its toll on most economically sensitive real assets.
Today‘s analysis would be brief as everything is going all too well for the short stocks and other vulnerabilities highlighted Sunday regarding precious metals, and now commodities falling through immediate supports (copper $3.82 and oil back to the $80 mark) – I‘ll present more thoughts in the chart section and then conversing with you on Twitter..
Let‘s move right into the charts – today‘s full scale article contains 2 of them.
S&P 500 and Nasdaq outlook
4,515 support would be broken to the downside today, and buy the dip reaction has poor odds of sticking especially if tech continues being pinned down and not rallying at least partially when yields retreat (flight to safety day today – that wouldn‘t though work for gold yet).
Author
Monica Kingsley
Monicakingsley
Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.
