Told You So, Buyers

By Monica Kingsley of MonicaKingsley.co

Thursday, August 8, 2024 8:45 AM EDT

S&P 500 early session upswing didn‘t last, marginally overcoming Tuesday‘s rebound only to crater to Friday‘s close. Hardly bullish or turnaround just in situation – my early Tuesday‘s call and timing proved correct. Look at USDJPY as well – this chart isn‘t rallying back in dollar‘s favor. Tech continues being weaker than S&P 500 as well, and better not look at semiconductors.

The following two charts and commentary from your channel bring insights further developed in the individual chart section as the current back and forth movements in risk taking continue in great macroeconomic uncertainty. If yesterday at the close we had 26.5% odds of 100bp cut by Nov, that is now 24.3% after being over 28% in the European morning. These are sizable gyrations reflecting the uncertainty.

(Click on image to enlarge)

S&P 500 and Nasdaq