S&P 500 met its first setback after a while, with the view changing to sectorally and market breadth defensive. Just as I told you in the video – the path ahead, probably by the end of next week, will mark the onset of the topping process giving way to a lengthy decline over the summer and into September bottom. In this important video (review it as well for clues enabling me to forecast ES price recovery during yesterday‘s regular session that brought additional Intraday Signals gains), I talk about the importance of the 4,500 – 4,510s area as a key resistance and potential top.

Simply put, AAPL didn‘t pull its weight yesterday, and neither did the full array of individual stocks on my watch. I‘m also on the record as saying that nonfarm employment change wouldn‘t be disastrous, which coupled with the tremors caused by FOMC minutes late yesterday, and „China reopening frontloading“ causing jitters in Asia markets, is to add to the cautious tone of today‘s trading.

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

Gold, Silver, and Miners

While gold wouldn‘t give up easily, precious metals are now on the defensive thanks to both not sharply deteriorating economic data, and Fed willingness to remain restrictive. Big picture, gold, and silver continue basing.
 

Crude Oil

Crude oil is to keep the $71 handle for a while and still remains sideways. No matter how well OPEC+ wants to defend prices, the China imports level isn‘t working to propel prices up into the driving season – lean weeks are ahead in black gold.

Copper is still above $3.72, and also on the defensive. As yesterday‘s materials (XLB) performance showed, and the way I talked disinflation as a bearish real assets factor lately, this isn‘t yet the time to be bullish commodities or precious metals.

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