S&P 500 did slide all the way till 4,465, and it was the hesitation in the 4,470s that made me recognize an intraday rebound was getting underday – still good enough Intraday Signals daily total result. When that reversal proved a bit more staying power, it was time to terminate the profitable swing short.as both SPY daily volume and sectoral composition progress hinted at rather dovish FOMC positioning getting underway.
Pay no attention to the conflicting inflation data out of UK and Canada – the Fed has been quite clear about no Sep hike (and I expect no hawkish setback) if you read between the lines. The same conclusion I support with charts in the stock market analytical section below.
I‘ll be covering the price moves well before FOMC on Twitter and chiefly on the two premium Telegram channels (one for stocks, the other for gold, silver and oil). I‘m looking for a pretty interesting move in and beyond preciuous metals!
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.
I don‘t think gold has topped, and it‘s reasonable to expect $1,960 and $23.90 to be broken to the upside later today. Copper bouncing off its $3.75 magnet isn‘t a surprise really – these real assets would benefit once the FOMC dust settles.
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