Monica Kingsley
Monicakingsley
S&P 500 sprang to life on the first dovish Fed speaker‘s remark it could, yet the full array of speakers dialed the message back ultimately – and correctly so, for the bond market is getting ahead in rate cut expectations, with corporate bonds flying, financial conditions easing, and risk-on turn continuing. It can be seen pretty well in the run up to GDP today – and core PCE tomorrow.
But one at a time. GDP is likely to be accompanied by the following (macro commentary taken from our intraday stock market channel, and the Trading Signals Telegram channel together with both Trading and Stock Signals clients, had my thoughts already as well):
Please note how this ties in with the 102.30 USD Index support. Given the figure indeed coming above expectations, the buyers will get on strategic defensive later today.
Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them, featuring S&P 500, yields, precious metals and oil.
S&P 500 and Nasdaq outlook
4,565 served as support, which is a premarket fly in the ointment for those who look for a brief correction before stocks continue higher. Expect the GDP figure to decide the sentiment of the day – corrective or grind higher continuing.
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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