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Monica Kingsley is a trader and financial markets analyst, daily self-publishing extensive free stock market and precious metals analyses with trade calls. Always checking dozens of charts, she integrates their messages with economics, in-depth experience and studies in market ... more


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Welcome, Correction
S&P 500 continued higher on the very good market breadth and with bond market support. Daily supports are the bad test 4,145 followed by 4,085, which the bears would like to see reached today.
The Bonds Challenge
While most were caught off guard yesterday, FOMO and squeeze has its limits – basing above 4,160 would be extremely healthy.
Hawkish Or Not
Copper reversed nicely. If the hawkish takeaway from FOMC prevails, real assets would be really hurt in the aftermath.
Wake Up Call
Precious metals are still short-term vulnerable but haven‘t topped. Silver not only could, but also did, temporarily suffer more than gold, where $1,900 followed by $1,875 shouldn‘t be broken.
Big Week Ahead
S&P 500 bulls will have to defend yesterday‘s initiative, 4,040 is the first line of support, followed by (high) 4,010s.
No Rocking The Boat
S&P 500 moved out of the hot water, and the bear market rally can continue. 4,040 is to get in the rearview mirror on today‘s close, and I would be eyeing the 4,080 – 4,085 area as the nearest solid resistance target.
More Defence
Crude oil is to put in a higher low – and keep ever so slowly recovering.
Slow But Not Slow
While today is no true Turnaround Tuesday, we‘re looking at sellers to be having the daily initiative.
Smelling Fine Opportunity
Crude oil is gathering strength for upswing continuation, $85 is the next upper target, followed by the tougher $88 area.
Bulls Waking Up
Crude oil keeps fighting around $81 – and doing well there. Modest appreciation is expected next, the $88 area will be a tough nut to crack.
Changing Bias
Is it the turn? Bonds aren‘t supportive of any steep rally – it‘s flight to safety of Treasuries as economic prospects deteriorate. No animal spirits at the moment, really.
More Hopium
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.
Tail Risks Emerging
S&P 500 is likely to spend more time around the 200-d moving average. 3,980 is the first support, followed by 3,955.
Hawks And Surprises
S&P 500 didn‘t like CPI coming in line with expectations, and it was indeed a „buy the rumor sell the news“ reaction, followed by cutting into 4,010 on confirming bond and dollar price action.
Against The Fed Brick Wall
The consensus is for a very low CPI figure, quite well even undershooting the 6.5% mark.
Dialing Back Fears
S&P 500 refused a panicky decline into Powell‘s speech and swiftly recovered on no fresh hawkish clues. Market breadth improved, and the sellers weren‘t falling over themselves.
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