Both S&P 500 and real assets welcomed the BoJ not giving ground, which translates into more money creation in defense of JGB yields, with USD consequences (no relief rally just yet, no). Likewise, the incoming data didn‘t send risk assets cratering. Markets want to believe that this disappointment (interpreted in the tweet I linked to), makes Fed pivot closer. That‘s a miscalculation – reckoning awaits, and it will take time to arrive.

Keep enjoying the lively Twitter feed serving you all already in, which comes on top of getting the key daily analytics right into your mailbox. Plenty gets addressed there (or on Telegram if you prefer), but the analyses (whether short or long format, depending on market action) over email are the bedrock.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
 

S&P 500 and Nasdaq Outlook

S&P 500 is likely to continue attempting to take on 4,040, which can succeed only after 4,010 becomes solid support. We aren‘t there yet, but the trend is still up – no top has been made. 3,980 is still the first support.

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