Monica Kingsley
Monicakingsley
Yet another S&P 500 intraday reversal higher that fizzled out, in premarket already – but weak ISM would rescue the buyers for a while again. Triggering bets on the Fed to step back from the tightening campaign (of course a misguided notion), there are signs markets are positioning for such an outcome – gold has erased half of yesterday‘s setback already, and EURUSD is catching a bid the more the data release approaches.
So, get ready for a risk-on reprieve that won‘t change the adverse liquidity circumstances as since the debt ceiling was solved once again, the Treasury issued almost $600bn of fresh debt. Together with monetary tightening effects slowly making their way through the system, this increases tail risks to the downside over the coming weeks if not months.
Today‘s analytical intro is brief,as I‘m going to dive into many market charts. Thanks for the warm reception of the daily and intraday Youtube updates – you‘ve got plenty to look forward for!
Let‘s move right into the charts – today‘s full scale article contains 5 of them.
Gold, Silver and Miners
Precious metals would be today‘s beneficiaries and rise vs. their opening values, but the correction isn‘t over yet at least in terms of time.
Crude Oil
Crude oil hasn‘t found strong footing yet, but will also benefit from the ISM figures and rise back above $68.
Copper
Copper also obliged lower in line with my yesterday‘s call, just as precious metals did. Growth worries are hitting home here as well, and today‘s steep decline will be partially retraced on the Fed tightening bets temporary reappraisal.
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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