Monica Kingsley
Monicakingsley
S&P 500 did slide almost right from the opening bell, led by Nasdaq lower – making for profitable intraday shorts. Then though markets stopped declining more on the BoJ discussion of hiking to 0.25% (more aggressive than anticipated). But then inflation in Japan is biting, and US remains in disinflation – thus far, there is no consistent move to yen carry trade unwind that could be seen in rising Treasury yields. The move is playing out chiefly in the dollar for now.
These two charts post FOMC will be crucial – SPY bottoming process goes on, and while I expected the sum of Monday and Tuesday being mildly positive (pre-earnings – MSFT did disappoint, but AMD with SBUX reaction surprised), that has not been the case, and another premarket rise in S&P 500 is remedying that instead. ADP employment change coming in at only 122K is a soft landing supportive figure, underpinning the two main indices. Remember my weekly roadmap for second half of this week?
For all the BoJ macro implications, the run up to FOMC I‘m afraid will be reduced to rate cutting expectations, and on no cut there will be perceived as disappointment. Way more commentary is presented in the individual chart section.
All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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