S&P 500 decline was driven by better-than-expected JOLTS and consumer confidence data, fuelling speculation that the Fed can now „afford“ to be more restrictive than would otherwise be the case. Not that the Fed would be on this flight plan – the focus is obviously on getting inflation under control. Giving it more than a really good try.

Today‘s action though points at a slower day ahead in stocks, and these are the key levels to watch in the continuing bear market downleg driven by misplaced macro bets. No, the Fed doesn‘t have the bulls‘ back this time.

Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full-scale article features good 6 ones.
 

Gold, Silver, and Miners

Precious metals are taking it on the chin increasingly more – I‘m looking for a further universal downside.
 

Crude Oil

Crude oil bearish engulfing candle on sharply rising volume hints at more trouble to come short term, but this doesn‘t look like a truly bearish chart to me. Worth the wait on the long side.
 

Copper

The copper chart doesn‘t look pretty for the bulls, and should the low $3.40s give, the slide would quicken, no matter the bullish low stockpile fundamentals.
 

Bitcoin and Ethereum

Cryptos are standing out, and probably not in a good way. The question remains just when this upswing would be sold.

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