Powell delivered, and didn‘t trip the bulls – S&P 500 merely tried to shake out the weak hands, but you were ready through my habitual live coverage on Twitter, as to what to expect. The premarket consolidation is neither unexpected nor concerning – and market breadth data will catch up, even if only after the consumer confidence data Friday.
Inflationary forces are building up, meaning that inflation would return in 2H 2023, and together with deglobalization and friendshoring, this would underpin commodities. The era of cheap labor, cheap commodities and cheap goods, is definitely over. Likewise the secular trend in bonds is for rates to rise (the decade of high inflation and high rates – the commodities and precious metals supercycle), even if these have to retreat somewhat still as the soft landing narrative gives way to the recession one.
In place of a longer introductory part today, let‘s rush into the charts while commenting on related markets there – and of course, my Twitter feed is open 24/7!
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
Gold, Silver and Miners
This is a buying opportunity, not a selling one. This dip will be bought, and the current blues won‘t last for weeks without end. Silver especially is getting ahead of itself in declining – the $22 support would hold.
Bitcoin and Ethereum
Cryptos are another reason why I‘m not looking for any dramatic setback soon.
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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.
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