Dec 21, 2024 (MENAFN via COMTEX) --
(MENAFN - Investor Ideas) S&P 500 did not see convincing buying following the opening bell in the least - no surprise to clients, I had been bearish ever since the intraday update issued for them during Powell conference latter minutes. Also the macro reasons given for the slide presented earlier yesterday, offered my view on which price action scenario is to unfold in S&P 500.
During the regular session, I updated the views with gold and silver performance ahead, revisiting the weekend video that was followed up with all the answers to the raised question - shared with clients.
The prognosis got confirmed in the following hours, starting with equities. So what's going on in our channel? Smashing ES and IWM short gains of well over 110pts together in the two indices delivered amid continuous tightening of protective stop-loss so as to lock in gains. Clients just benefit most from combining the swing analyses and calls with the intraday ones - they can act as per their circumstances and trading style - this kind of a steep downtrend offered better exit management than the prices shown below.
Now, the question is when are we to see some kind of a V-shaped recovery? The following put to call ratio and yields chart will hint at that - forget not it's triple witching today.
Core PCE price index isn't going to be a game changer, but the way it came in at 0.1% only, will provide some relief to risk assets (some, that's the key word) - the late in the tooth disinflation process will be getting shown to move to the next chapter, the sticky inflation / second wave starting - that's not a good sign for rate cutting, meaning market yields are to keep the steady grind higher.
Enjoy today's reprieve and have a great pre-Christmas weekend!
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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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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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