Weak NFPs were explained away by weather and and also strike action, making S&P 500 swing higher in line with my expectations – offering both great intraday long and short gains, Market breadth is nothing to write home about – while not outright risk-off, it relied heavily on AMZN, INTC and NVDA, which bucked SMCI dump, and then poor AMD guidance...
Weak NFPs were explained away by weather and and also strike action, making S&P 500 swing higher in line with my expectations – offering both great intraday long and short gains, Market breadth is nothing to write home about – while not outright risk-off, it relied heavily on AMZN, INTC and NVDA, which bucked SMCI dump, and then poor AMD guidance .
Apart from elections uncertainty . We‘ll get FOMC and SMCI earnings . Cutting when economic policies aren‘t yet set in stone, and e.g. in bonds, the perceived impact of both candidates wildly divergences , which would of course decide as well the USD at crossroads moment of the now. The positioning is a little similar to the one before Sep FOMC – rates are rising while a rate cut is being expected. The current odds of 1% that there is no cut, is wildly underappreciated, inaccurate – that‘s what the bond market is telling us, regardless of the steepening and term premium rising. At the same time, I don‘t think the Fed would like to risk disappointing the market demands. S&P 500 and Nasdaq S&P 500 wasn‘t yet fit to keep intraday gains – I looked for the bears to remain the stronger party on a closing basis. And there was really no buying to speak of before the close. Sellers remain in control, and for all the rate cut expectations, XLRE is declining together with XLU. Apart from the three stocks mentioned in the introduction , there is really no leadership, just plenty of vulnerabilities. This is no time to play play hero for elections resolution with a wildly long bias – way too risky early in the week, better proceed with our short gains being locked in as waning market breadth while the index had been moving in a tight range without fresh highs, is a clear warning sign. Gold, Silver and Miners The pre-elections decline might continue and reach the target given fast – of course, geopolitics can turn that move around very fast, but breaking through $2,730s and going for the horizontal support given, is more probable than latest slide being one and done. If you remember the 2016 gold volatility on elections result catching the mainstream off guard, we have plenty to look forward for in the week ahead. I prefer waiting for a fresh long opportunity than forcing a short here, however probably successful that would be . Copper is peeking higher after basing for so long around $4.35, and I favor its move higher to slowly, slowly continue. Crude Oil Crude oil is giving conflicting signals – I favored buyers through Friday, and they barely closed up, with a nasty looking reversal candle. This is a lower confidence call than regarding precious metals remaining under pressure for now, but I favor oil to base with a bullish tendency here.
Metals Commodities Technical Analysis
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Keanu Reeves Speeds Around the Indy 500 RacetrackThat glitch you see in the Matrix is 60-year-old Keanu Reeves making his debut at the auto racing capital of the world.
Read more »
'Sell-the-news': S&P 500 to fall regardless of election outcome'Sell-the-news': S&P 500 to fall regardless of election outcome - Wells Fargo
Read more »
S&P 500 futures slip after Meta reports; traders brace for key inflation data: Live updatesTraders reviewed results from Microsoft and Meta Platforms, and they looked ahead to a key inflation reading due Thursday morning.
Read more »
S&P 500: Watch Out for Tactical Buy Signals as Election Volatility PeaksStocks Analysis by Adam Turquist covering: S&P 500, CBOE Volatility Index. Read Adam Turquist's latest article on Investing.com
Read more »
Canadian Dollar mixed after US NFPs, ISM PMIsThe USD/CAD currency pair saw a mild decline in Friday's session, reaching a low of 1.3920.
Read more »
US Dollar rebounds after NFPs and ISM PMIsThe US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, rebounded intraday despite the weak jobs data as annual wage inflation rose to 4%, indicating that inflationary pressures remain elevated.
Read more »