Credible Turn Not To Miss
S&P 500 duly tanked on poor incoming data showing consumer under (spending) stress, and overal not tame PPI inflation – for two hours. Rate cut odds also improved in the end, and what was most important development through the day, was one of not short squeeze characteristic – tech gradually recovered from its panicky selloff leadership, breadth broadened, and consumer discretionaries didn‘t do too badly either.
So, we have stocks rising for three days in a row amid other breadth / volatility / bond market and macroeconomic signs – with ES 6,730 – 6,760 (volume profile) resistance being overcome to the upside – and as soon as it was about to become the case, breadth and sectoral characterisrics allowed for increased position sizing on the long side.
Today‘s job market and housing data will provide further rate cutting clues – and the market likes them as much as it did the chatter about who would be the new Fed Chair yesterday.
More By This Author:
Bounce Off Sustainable Bottom?NVDA Igniting Fresh Spark
Time Has Run Out
Subscribe to Monica‘s Insider Club for trade calls and intraday updates. more
Comments
