Monica Kingsley
Monicakingsley
S&P 500 recovered from late Friday selloff that I told clients to disregard, and pushed on to fresh highs – as said in weekly premium plan. Today, we‘re getting crucial retail sales to reveal the state of declining UoM consumer sentiment being translated to lower willingness to spend. Haven‘t last week‘s CPI and PPI been hinting at that? We all saw Empire State manufacturing further weakening too.
Sure that brings plenty of intraday opportunities yesterday or today premarket. But let‘s have a look at this S&P 500 market breadth chart for clues that I have developed further in the below analysis.
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 retreats below 1.0900 after US data
EUR/USD stays under modest bearish pressure and trades below 1.0900 in the second half of the day on Tuesday. The US Dollar holds its ground following the Retail Sales data for June, making it difficult for the pair to regain its traction.
GBP/USD loses traction, drops to 1.2950 area
GBP/USD struggles to keep its footing and trades in negative territory at around 1.2950 in the American session. June Retail Sales data from the US helps the US Dollar stay resilient against its rivals, not allowing the pair to build on previous week's gains.
Gold renews multi-week highs above $2,440
Following a short-lasting correction in the early American session, Gold gathers bullish momentum and trades at its highest level since late May above $2,440. The benchmark 10-year US Treasury bond yield stays in the red near 4.2%, supporting XAU/USD's rally.
Crypto Today: Bitcoin, Ethereum and XRP rally as meme coins PEPE, WIF, FLOKI make double-digit gains
Bitcoin resists sell-off even as news of Kraken exchange users gearing to receive Mt.Gox transfers makes headlines. The largest asset by market capitalization sustained above key support and trades above $63,800 on Tuesday.
ECB bank lending survey shows only modest pickup in expected loan demand
While the economy has returned to growth and interest rates are coming down, loan demand is only modestly improving as bank credit standards remain tight. For the ECB, there is nothing in the data that moves the needle for coming rate cuts.