S&P 500 couldn‘t convincingly break below 4,015 and reach the first 3,980s and then towards 3,965. Fed minutes merely reinforced the tightening ideas amid decreasing voices of „no landing“ and „disinflation“ narratives as amply described in Tuesday‘s key analysis.

NVDA earnings marvelously spurred the erasure of the rightful slide on Fed minutes, Today‘s incoming data also confirm the Fed has further room to go in the short term before the 2H 2023 contraction arrives.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
 

Gold, Silver and Miners

Gold and silver don’t look fine here, and more time in carving out a sustainable local bottom is required. If I were to allocate fresh money to the sector as a buyer, I would wait.
 

Crude Oil

Oil looks troubled in the short-term still, with no traction from China reopening or chiefly those credit infusions just yet. The longer it stays close to $71 – $73, the more concerning it becomes.
 

Copper

Copper keeps showing the way, boding well for other real assets – more in the months rather than in the weeks ahead.

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