S&P 500 finally turned south in line with the medium-term outlook, in reaction to the wildly underwhelming JOLTS data. Job market deterioration is finally getting reflected as per the Mar/Apr timing for issues to arrive that I discussed earlier. Unemployment claims rising and finally, non-farm payrolls would come to reflect that.

Today‘s employment change is first such a sign, but all eyes are on Friday‘s non-farm payrolls. The bears are aligning for a pleasant surprise as buy the dippers are bound to get increasingly overpowered. Expect more risk-off in bonds and the surge in precious metals to continue at its own pace higher (my star pick for 2023).

Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren’t enough) – on top of getting the key daily analytics right into your mailbox. Combine with Telegram that never misses sending you notification whenever I tweet anything substantial (head off to Twitter to talk to me there), but the analyses over email are the bedrock.
So, make sure you‘re signed up for the free newsletter and make use of both Twitter and Telegram so as to benefit from sophisticated talk and extra intraday calls.

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

Gold, Silver and Miners

Very fine recession reaction – lower yields sending down the dollar as the Fed can‘t remain this restrictive, the market thinking goes. Silver doing well as inflation is undefeated.
 

Crude Oil

Oil is consolidating high ground, and would be far less hurt than copper through the recession jitters. Well, I say jitters, but markets obviously have to overcome the misguided no landing first. In doing so, they may very well start questioning the soft landing too…

More By This Author: