Monica Kingsley
Monicakingsley
S&P 500 did a premarket and opening bell flush once again, and then I capitalized on the rebound for swing and intraday clients alike. Ellin also added to our intraday tally. The only disappointment is selling into NVDA earnings beat, however the poor breadth of recent days will get an uplift today – the long basing process that shot through these 4 support levels presented on Nov 12, is over with S&P 500 embarking on a tentative upswing. Its strength will be determined by rotations and badly needed improvements of lackluster breadth and sectoral leadership.
Watch yields and USD strength, with S&P 500 keeping pace and the same regards continued Bitcoin and its best plays surging.
Let‘s mve right into the charts – today‘s full scale article contains 3 more of them, with commentaries.
Gold, Silver and Miners
The wildly underestimated escalation tensions is what‘s giving gold additional fuel to the upside – I‘m not looking for it to dissipate. At worst, merely sideways day is ahead, but silver and miners will fare off considerably worse than gold.
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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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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