More Chop Before NFPs, Or Not?

 Again, today’s report will be way shorter than usual and focus only on select charts to drive position details of all five publications.

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

S&P 500 and Nasdaq Outlook

Tuesday‘s intraday reversal looks to mark the meek bearish push I talked about on Monday – I‘m looking for the bulls to be today on the initiative. Today, that‘s a keyword here, especially given the (a bit too one-way extended but still) risk-off credit markets and tomorrows non-farm payrolls, of course.

Credit Markets

 

The plunge in high yield corporate bonds is going a bit too far in my view – and unless the 500-strong index joins, I don‘t see HYG as leading to the downside to usher in a sizable correction. HYG deceleration followed by stabilization and upswing would be the best the stock bulls can hope for.

Gold, Silver and Miners

 

Miners‘ strong showing was relegated to history yesterday, but we haven‘t seen a reversal to the downside – upswing rejection is all that happened. Silver weakness had more to do with yesterday‘s commodity (namely copper and oil) woes than anything else.

Crude Oil

 

The oil downside wasn‘t over and resulted in fresh oil short profits yesterday, taking my portfolio results to new highs. The rising volume shows that we‘re potentially approaching a reversal, but there isn‘t any proof thereof so far.

Natural Gas

There is a steady uptrend in the other key energy asset, natural gas. The break above the prior sideways to slightly lower flag/triangle approximating structure happened on higher volume and is thus more credible. Good that the fundamentals support the upcoming appreciation higher, too.

Bitcoin and Ethereum

 

Yesterday‘s crypto gains haven‘t been entirely defended, but it would be premature to talk about downside reversal. Consolidation playing out with Ethereum‘s continued outperformance of Bitcoin is the kind of surefire conclusion here.

Summary

In place of summary today, please see the above chart descriptions for my opinion.

 

 

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Thank you,

 

Monica Kingsley
Stock Trading Signals
Gold Trading Signals
Oil Trading Signals
Copper Trading Signals
Bitcoin Trading Signals
www. monicakingsley.co
[email protected]

 

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All essays, research and information, represent analyses and opinions of Monica Kingsley that are based on availability and the latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor.

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