SPY Bearish Turn
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S&P 500 made that tech driven upswing I cautioned you yesterday about, only to keep declining overnight in preparation for retail sales and Emire State manufacturing data. I don‘t see them as derailing the soft landing story, but the volatility made for good latest Intraday Signals results. As the tech daily gyrations (varied sensitivity to yields move and absolute level) persist, keep in mind that yields (chiefly at the longer end of the curve as opposed to 3m or 6m) are in the driver‘s seat.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 2 of them.
Gold, Silver and Miners
Most probably this week, we would see a nice gold and silver bottom – this $1,930 and $22.20 must hold – odds are they would, and miners will cooperate in the turn (see how GDX did vs. HUI).
Crude oil reached the lately talked $81 - $82 support – good resilience thus far in spite of China data – this can‘t be said however about copper, which appears in need of more consolidation, whre $3.55 is especially closely watched now that my often talked $3.72 and earlier $3.65, have been reached.
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