Brief SPY Reprieve Extended

S&P 500 bears were unable to take advantage of unemployment data supporting more tightening, and 10y yield retreat from 4.70%, gave rise to a late day upswing that with each passing hour of bears failing to act, was enough for me to call for long SPX position right in the European morning across all publications for clients, also without fear of that pre-opening little drop.

Then consider the BoJ intervention, and you have even greater confidence that today is a day in the black for many asset classes, as I explain in this VIX analogy tweet. Even precious metals are stabilizing, and have reached a tentative bottom as I made clear in the premium Telegram channel for Trading Signals subscribers – together with there being no sinking of oil back below $90 now that $93 acts as a magnet. Summing up, what a miracle reprieve in yields can create...

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them.

S&P 500 and Nasdaq Outlook

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4,340 served as a floor earlier today, and won‘t be broken to the downside. 4,365 will be reasonably overcome, while 4,385 represents an ambitious daily target that‘s quite probable to be reached and defended till the closing bell. 4,407 awaits if today‘s close is good and broad-based. The bears are in hibernation for the next couple of days at least.

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