S&P 500 digested sharp SMCI earnings aftermath, spiked twice to 4,955 only to get rejected – and then the trio of less than truly stelar earnings hit. The combo of , and hints at having a bit tougher ride ahead with its own earnings – all within the context of S&P 500 companies amply making their numbers, and a half of them had already reported. The end result of stock market buyers not being done here doesn‘t detract from immediate vulnerability in the whole index, led by Nasdaq. Financials stood out for overall debt issuance reasons, which will help yields to retreat going forward.And talking stock market vulnerability, we were and are on the right side of the moves in our intraday channel. Also in my gold & oil channel, fine gold long idea was before the great hourly candle plunge came – and the same is true regarding yesterday‘s gold intraday bottom and open gains protection call.For now though, the odds of Mar rate cut went from 46.6% at the onset of yesterday, to 44.7% on the close. Clearly markets are expectig non-commital Powell language, and that makes risk taking sentiment drop sensible to expect. You knwo the drill – announcement drop, pre-conference retracement, conference volatility and hit.Keep enjoying the lively via keeping my tab open at all times (notifications on aren’t enough) – combine with subscribing to my , and of course that (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.
So, make sure you‘re signed up for the free newsletter and make use of both Twitter and Telegram – benefit and find out why .Let‘s move right into the charts – today‘s full scale article contains 2 of them, featuring S&P 500 and precious metals. S&P 500 and Nasdaq Outlook
Already below 4,935, fine gradual weakness is developing into FOMC. Today, rips are to be sold – strong rotations are unlikely to develop during the regular session. The rally in stocks is though to continue in the weeks ahead, it clearly is – please review the reasoning given in if you hadn‘t done so already.More By This Author:Tech Earnings And FOMCJust What Powers The SPYSPY Correction Risk Flashing
Sharp FOMC Plan
