Monica Kingsley
Monicakingsley
S&P 500 semi reversed yesterday, but the bounce left quite something to be desired. The premarket moves were promising, and unemployment claims behaving (I look for these to start rising later during Mar and Apr) was all that was required for a daily ES outlook resulting in 3,980 break.
Instead, those 211K (essentially my prediction) are being hesitantly taken as if leading to Fed dialing back tightening – nothing can be further from the truth as Powell made clear that the costs of not fighting inflation are greater than those of fighting inflation. No, short-term yields haven‘t yet peaked, and I‘m unmoved by Bank of Canada (often the bellwether as it was among the first CBs to embark on tightening) pausing its hikes.
Stocks are thus facing 4,015 resistance, and I‘m not looking for a bearish day today really. Any fine upper knot on solid volume (approximating Monday) ahead of tomorrow‘s non-farm payrolls (lagging indicator unlike unemployment claims) in S&P 500, is more than welcome today as opposed to dealing with 4,045 again on daily tech and financials joint strength.
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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AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.