S&P 500 was complacent yesterday given VIX only at 18, but the key turn happened in tech, in the waning NDX market breadth. No rush to the exit door yet, but the rotation into value and cyclicals was barely there, and more than debt limit bill vote is to blame.
CDS have made up their mind – there wouldn't be a default, they are declining. And Treasury bringing up fresh supply to the bond market means there would be less liquidity to prop up assets paper and real – the dollar is going to like that.
Couple that with my prognosis for today's data, and the result is more confirmation of Jun 25bp hike. Deleveraging and derisking is the theme today.
Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren't enough) – combine with Telegram that always delivers my extra intraday calls (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.
So, make sure you're signed up for the free newsletter and make use of both Twitter and Telegram - benefit and find out why I'm the most blocked market analyst and trader on Twitter.
Let's move right into the charts (all courtesy of www.stockcharts.com) – today's full scale article contains 4 of them.
Gold, Silver and Miners
Gold and silver correction clearly isn't over, but $1,930 and (not $23.15 but) $22.40 at worst, should hold.
Crude Oil
Crude oil woes are back, with vengeance – targets given in the chart. Similarly copper is set for $3.55 rendezvous, for exactly the same reasons.
Thank you for having read today's free analysis, which is a small part of my site's daily premium Monica's Trading Signals covering all the markets you're used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium Monica's Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates.
While at my site, you can subscribe to the free Monica's Insider Club for instant publishing notifications and other content useful for making your own trade moves.
Turn notifications on, and have my Twitter profile (tweets only) opened in a fresh tab so as not to miss a thing – such as extra intraday opportunities. Thanks for all your support that makes this great ride possible!
Thank you,
