Ready For Fresh Direction

(MENAFN- Investor Ideas) S&P 500 eked out more gains for clients, and as I keep the pulse on market breadth and sectoral rotation from many view points, the below analysis for Trading Signals and Stock Signals clients panned out (while I talked in our intraday channel intolerance of any weakening of upside momentum, which was exactly what we got later in the day), published yesterday at the opening bell :

(...) Fine market breadth developments, and on the short periods view it's not overbought wildly at all yet. On a daily basis, I look for consolidation of yesterday's sharp gains, and definitely slower pace of upswing today. 6,100 will act as a decent support if it comes into play today at all. S&P 500 is already above the start of FOMC smashing level, and Russell 2000 is nicely progressing with much of tech, and I particularly like XLF and XLI. NVDA and select IGV names (ORCL) will do well too, not just so many XLU names.

Do I expect a serious correction now? Not really, but intraday gyrations amid rising intraday volatility (ATR), more of the sectoral rotations amid continued XLF and other cyclicals leadership if yields just don't rise steeply on a daily basis to spook the recovering Russell 2000.

This is exactly what we're getting today premarket - test of 6,100 (successful, holding and to hold) amid continued ES outperformance of NDX while IWM is noticing yields' unwillingness to retreat much more since the inauguration day. Equity risk premium concept, this hasn't lost its force no matter the Stargate or other initiatives (hence I talked above ORCL featured there - its daily candle is in itself a cause of caution as in the upside momentum will take a little while to kick in). Overnight, BoJ and its rate decision awaits, look forward for increased volatility in case the policy move surprises on the hawkish side.

This is all happening as Bitcoin is once again going for $100K test, gold is a clearly down thanks to rising yields (see short end of the curve), with silver understandably down more, and oil not yet giving up completely the fight at my $76 support (trying to stage the 50c comeback to this level)... all as described in yesterday's comprehensive video , thanks for liking it and subscribing to the channel with notifications on so as to view the fresh analyses whenever they go up - today's well-rounded video has it all for you again.

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Let's mve right into the charts (all courtesy of ) - today's full scale article contains 5 more of them, with commentaries.

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Gold, Silver and Miners

Gold ran higher on yields not yet turning up clearly again, but that's not going to be the case today. Still, I'm looking for continued yellow metal leadership - except that today it's going to show as some intraday resiliency on the downside (cushioned from greater downside - silver will decline more, and miners won't provide conclusive clues on a daily basis today, but since late 2024 these are getting very constructive - fake weakness often precedes turning up phase).

Crude Oil

I'm clearly not bullish oil, the sellers are regaining control, and the aspects mentioned favor return of sellers. Local top is in, and that's clear whether $76 breakdown is temporarily invalidated or not.

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Monica Kingsley
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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.

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