S&P 500 didn‘t take well to the dual Swiss (SNB and CS) news with respect to the still too-easy financial conditions, regardless of the Fed‘s tightening plans to bring up the Fed funds rate to well over 5%, and keep it there – as they say – for years. Yesterday‘s unemployment claims are already revealing the job market as starting to slow down, and the layoffs would spread beyond tech.

Stocks proved the cautious call from the European morning as right, and that got further reflected even before consumer confidence data comes out. I don‘t think that would trigger any game-changing rally in stocks today.

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

S&P 500 and Nasdaq Outlook

The bulls lost the benefit of the doubt, and I‘m not looking for any serious retracement of yesterday‘s downside. 4,045 followed by the key 4,010s support is of utmost importance so that the bulls can regroup and surprise on any not-hot CPI figure Tuesday. 4,092 seems like a resistance that would prove hard to crack even on Monday.
 

Gold, Silver, and Miners

Gold and silver aren‘t showing strength, and the short-term hesitation indicates a bit more downside as very much possible in the short run. With the return of inflation (remember how the prior declines owed much to the energy and used car prices), we‘re looking at metals to come back to the spotlight while crude oil returns above $80s with ease and copper maintains $4.

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