Forget Higher For Longer

S&P 500 had trouble extending gains above 4,535, and is ripe for a consolidation. Even if yields have increased yesterday, and market breadth was poor (advance-decline line only a tad above 300), equal weighted S&P 500 isn‘t looking bad really. All in all – apart from the rpofitable calls made in these daily swing trading publications, I‘ve managed to add more ES and DAX intraday gains in our Telegram channel, and I must say the fact that DAX performed this way, bodes well for risk taking in general, as you can see from the (premium) bond market analysis below.

Now that a correction is unfolding, the incoming data though are putting it on hold again – to a good degree. Way more insights follow in the rich chart section below.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 5 of them, featuring S&P 500, credit markets, precious metals and oil. with copper

Crude Oil

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Crude oil confirmed my yesterday‘s words about indeed turning out as weakest of the pack, and today‘s great success would be defending $76 – far from guaranteed, WTIC is not bullish yet.

Copper

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Copper‘s turn mirrors the silver one – and is nothing to fear, and $3.72 would become a fresh support soon – just compare base and precious metals performance lately.

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