May 8, 2024 (Globalinvestorideas.com Newswire) S&P 500 driven by cyclicals made a decent upswing till Kashkari raised not just higher for longer, but rate hike prospects too. Understandably, such a statement at odds with what Powell said a week ago, was good enough to trigger an intraday reversal and subtle market breadth deterioration that sets the tone for today’s session.
Yet the most important chart, best viewed together with USD, didn’t flinch. Didn’t turn – yet.
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Let’s move right into the charts (all courtesy of www.stockcharts.com) – today’s full scale article contains 3 more of them, with commentaries.
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Gold, Silver and Miners
Especially silver, and then miners are looking good here – yesterday’s decline was on way lower volume. NPF lows look out of silver’s reach unless we see dramatic dialing back of rate cut odds. Not happening, Sep is still at 49% no matter what Kashkari says, which hints what to expect from stocks in a couple of days as well.
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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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