S&P 500 remained in the recent tight range, and the opening rip was rejected – providing fine intraday gains for clients (both long and short). S&P 500 isn‘t breaking down, and isn‘t breaking out either – no move just yet, and the intraday area of 5,870 with 40 pts to the upside, captures most of the price action lately. Nasdaq is though starting to diverge a bit lately, and the same applies to industrials and commodities vs. Russell 2000 (smallcaps much sensitive to yields these days), or the finest precious metals upleg called throught the last week and then some.
Comprehensive details and price path as markets think that elections uncertainty is being removed, and are increasingly positioning for a certain outcome, is further discussed premium – the bond market view is pretty clear (and even clearer in the dollar). You‘ve read the extensive weekend analysis, so are in the picture as to what I think about upcoming recession danger and more.
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Let‘s mve right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 more of them, with commentaries.
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