Risk-Off Moves Returning
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In line with the pressing circumstances I told you about on Jul 29 at my site, today's report will again have to be way shorter than usual, and focus only on select charts so as to drive position details of all the five publications.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
In spite of yesterday‘s upswing, S&P 500 keeps going sideways, and the indicators aren‘t all clear on the bulls‘ great prospects. The vulnerability to a bear raid is still very much there.
Credit Markets
- Credit markets didn‘t really reverse yesterday – the risk-off sentiment remains very much on in spite of HYG erasing intraday losses. The stock market bulls aren‘t out of the woods in spite of the improving market breadth.
Gold, Silver and Miners
Miners‘ strong showing yesterday bodes well for both precious metals, and I‘m looking for more gains in the sector. Remember that declining real rates on account of the risk-off bond moves, increase gold‘s appeal just as much as any worries about a decelerating economy or external shocks.
Crude Oil
Yesterday‘s downswing was partially bought, and the energy sector increase (great performance within the S&P 500) would point to a reversal soon. I‘m though not convinced that the bottom is in and that the bears have said their last word.
Copper
Copper has traded on a weak note yesterday, and hasn‘t convincingly stabilized just yet. The volume indicating buying interest isn‘t there.
Bitcoin and Ethereum
Trading little changed, both cryptos are more than likely to go higher next, even if the indicators aren‘t yet hinting at that possibility strongly. Should they turn from here (likely in the current atmosphere, alongside with PMs), that would be a promising sign for the bulls.
Summary
In place of summary today, please see the above chart descriptions for my take.
Thank you for having read today‘s free analysis, which is available in full here at my homesite. There, you can subscribe to the free Monica‘s Insider Club, which features real-time trade calls and intraday updates for all the five publications: Stock Trading Signals, Gold Trading Signals, Oil Trading Signals, Copper Trading Signals and Bitcoin Trading Signals.
