In line with the pressing circumstances I told you about on Jul 29 at my site, today’s report will again have to be way shorter than usual, and focus only on select charts so as to drive position details of all the five publications.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
In spite of yesterday‘s upswing, S&P 500 keeps going sideways, and the indicators aren‘t all clear on the bulls‘ great prospects. The vulnerability to a bear raid is still very much there.
Credit markets didn‘t really reverse yesterday – the risk-off sentiment remains very much on in spite of HYG erasing intraday losses. The stock market bulls aren‘t out of the woods in spite of the improving market breadth.
Gold, Silver and Miners
Miners' strong showing yesterday bodes well for both precious metals, and I‘m looking for more gains in the sector. Remember that declining real rates on account of the risk-off bond moves, increase gold‘s appeal just as much as any worries about a decelerating economy or external shocks.
Yesterday‘s downswing was partially bought, and the energy sector increase (great performance within the S&P 500) would point to a reversal soon. I‘m though not convinced that the bottom is in and that the bears have said their last word.
Copper has traded on a weak note yesterday, and hasn‘t convincingly stabilized just yet. The volume indicating buying interest isn‘t there.
Bitcoin and Ethereum
Trading little changed, both cryptos are more than likely to go higher next, even if the indicators aren‘t yet hinting at that possibility strongly. Should they turn from here (likely in the current atmosphere, alongside with PMs), that would be a promising sign for the bulls.
In place of summary today, please see the above chart descriptions for my take.
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and 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. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.