Yields, Stocks and Gold
Aa
Share
PPI brought about even more risk-on SPY move than CPI – markets disregarded how hot it came, and assigned no higher odds to Fed tightening. The focus looks to be on no Sep hike, and it requires stronger than expected incoming data to dial back the too easy Fed miscalculation, such as this Empire State manufacturing did. 4,562 daily top call turned out true, and more of a slow grind higher premarket, is being sharply reversed.
It‘s now simply about how much the daily rise in yields (stock market selloff to dampen the advance via safe haven bid coming to Treasuries) – as yields are doing now tightening for the Fed – would sink Nasdaq, followed by cyclicals and value, as these two held up yesterday (strong rotations) extraordinarily well, As said yesterday, with more evidence of inflation in the pipeline, Fed would be hard pressed not to act later this year, with bearish risk taking consequences.
Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren't enough) – combine with subscribing to my Youtube channel, and of course Telegram that always delivers my extra intraday calls (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.
So, make sure you‘re signed up for the free newsletter and make use of both Twitter and Telegram - benefit and find out why I'm the most blocked market analyst and trader on Twitter.
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
4,532 turned support, and will be no small feat overcoming it today. 4,550s shouldn‘t though be overcome on a closing basis – even on this quad witching day. If momentum picks up, 4,515 isn‘t out of the question.
Gold, Silver and Miners
Gold turned that trouble around, and GDX offered a glass half full view in the end. Especially today it‘s been ignoring rising yields, also concentrating on upcoming Wednesday. High odds are that sub $1,920 targets have been cancelled by today‘s action, and $1,960 retest looms.
Thank you for having read today‘s free analysis, which is a small part of my site‘s daily premium Monica's Trading Signals covering all the markets you're used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium Monica's Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates.
While at my site, you can subscribe to the free Monica‘s Insider Club for instant publishing notifications and other content useful for making your own trade moves.
Turn notifications on, and have my Twitter profile (tweets only) opened in a fresh tab so as not to miss a thing – such as extra intraday opportunities. Thanks for all your support that makes this great ride possible!
