S&P 500 Jubilation Continue - Groundhog Day For The Markets| MENAFN.COM

Thursday, 08 December 2022 08:18 GMT

S&P 500 Jubilation Continue - Groundhog Day For The Markets

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S&P 500 jubilation continued yet another day, but not after repelling some serious downside first. The didn't meet my key objective of breaking below 3,720s – but bonds weren't shining either. Animal spirits were powered by the intraday retreat of the dollar giving up a third of its gains.

So, stocks closed in the proximity of where they had been rejected on Tuesday – the low 3,800s – leaving the bears high and dry. And in danger as I'm looking for still reasonably good non-farm payrolls tomorrow, :

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(…) thus feed into the 'Fed has no reason to stop tightening – there's enough leevay still“ narrative, so stocks on such a good news sinking in. Clearly the pivot / pause bets are very premature.

At the same time, I'm looking for relative resiliency in real assets – look (driven by OPEC+ of course). Gold and cryptos are to dial back their upswing to a much lesser degree than silver, or copper.

What I would like to see (if the bears still have the upper hand, if the Q4 rally hasn't started already), is dialing back of the current risk-on sentiment in paragraph's outcome.

If that doesn't happen in stocks and outside markets during today's session, then my hypothesis of an S&P 500 decline below the open short position's entry points, is toast. Given the above NFPs dynamics, I'm willing to let the market prove me right or wrong tomorrow. The other open trades make up for that .

Thus far, stocks are between 3,720s and 3,770s, and these same supports and resistances (low 3,800s till 3,820) apply.

Today is shaping up to be a relatively calm day in bonds, with commodities barely appreciating – unlike and silver, where I'm looking for daily gains to be slightly more significant than in the CRB Index. This would also increase probability of the market reaction I anticipate tomorrow, which is bonds down, stocks down, dollar up.

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Monica Kingsley

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