S&P 500 made another lower high yesterday (good for a fine entry), and the sectoral composition with rising utilities isn‘t at all bullish, and financials can‘t balance that out. Former three leaders (XLK, XLC and XLY) set the tone, and positioning is on for rising yields, with also gold failing to catch an intraday bid. Seems much expectations of end of disinflation and return of sticky, slowly rising inflation – correctly so.
I‘ll keep covering live for you the market moves on Twitter and Telegram – chart commentary and directions follow. Thus far, the opening selling into a bit hotter CPI, is struggling with follow through, but my timing for sellers‘ return is proving correct – and it must stick after the open to make sense.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them.
Gold, Silver and Miners
Gold isn‘t yet done declining, and yesterday‘s session doesn‘t give bullish odds, as in the downswing being clearly over. Unless yields start materially retreating, gold can‘t commence the rally to $1,980 in XAUUSD. Silver wouldn‘t be the one more resilient here.
Crude Oil
Crude oil upswing has resumed, and won‘t be materially broken in the CPI aftermath – correction respecting the support at most.
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