S&P 500 opening spike was quickly sold into, and the following decline was driven by tech and other former leaders. The intraday preview I gave you at the onset of the session in the daily video updates, echoed the warranted initial caution (provided by bond market review). And such is the case at the onset of today‘s session too – bonds aren‘t in a risk-off position while tech is entering the day on a relatively stronger note than yesterday.

So, are the rotations into real estate, industrials, materials, energy, and utilities to lose steam in favor of some tech names? Let‘s check through the day whether first AAPL, then META and NVDA catch some bid, which they would catch.

Overall, I‘m not looking for stark S&P 500 gains today even if the 4,385 resistance gets overcome. 4,415 would be capping any potential gains in all likelihood – and I‘m not looking for durable goods orders to spark more than a little spike (likely to underwhelm, and confirm the upcoming recession). The same goes for Richmond manufacturing – only consumer confidence can be counted on to support the misguided notion that recession can somehow still be avoided.

All in all, I maintain the modest bearish grind lower viewpoint.

Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 5 of them.
 

Gold, Silver, and Miners

Gold is getting still rejected on the upside while silver and miners do better. It doesn‘t look like the end of this correction, I would look for targets in the caption to be still within reach. A slowing economy would support PMs prices, but that‘s the story of 2H 2023.
 

Crude Oil

Crude oil bulls lost an opportunity, and that‘ll show for longer than this week lasts. Bobbing this long around $70 isn‘t a good sign in the least. Risks are skewed to the downside now short-term, unfortunately.

Copper is returning to the high $3.70s, but the tightening reality and shrinking liquidity would make themselves felt here as well. For the remainder of this week, regardless of all the Fed 2023 tightening repricing, $3.72 is safe.

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