← Go back Jun 06, 2023
S&P 500 followed through on Friday‘s decline, yet the strength of the intraday reversal higher begs the questions whether the buyers can stage a comeback. lower than -1,000 for advance decline line suggests an uphill battle for the buyers, and so do the largely non-existent rotations of yesterday. I‘m not looking for Powell to deliver any kind of dovish surprise – the market is likely to be disconcerted by hearing not one but two rate hikes still this year, with really no cuts. Real assets are for today erring on the side of caution, even if USD remains flat and unable to hold however modest appreciation attained. For all the fresh Treasury financing needs, there‘s not liquidity leaving the markets to support a squeeze on bulls yet. Meanwhile, markets are gladly ignoring 70% recession odds by the Fed‘s own models, and more. Implications for stocks? Covered : Keep enjoying the lively via keeping my tab open at all times (notifications on aren’t enough) – combine with that (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock. So, make sure you‘re signed up for the free newsletter and make use of both Twitter and Telegram – benefit and find out why . Let‘s move right into the charts (all courtesy of ) – today‘s full scale article contains 4 of them. Bulls can forget about ES 4,490 – 4,510 area – there isn‘t enough sectoral breadth or looming catalyst of such a move. Even 4,448 would be a tough nut to crack – it‘s unlikely that the bearish positioning is to such an extent that it would cause a brief short squeeze. The 4,415 area certainly looks more easily attainable, and tech would lead any downswing again. Thank you for having read today‘s free analysis, which is a small part of covering all the markets you’re used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates. While at my site, you can subscribe to the for instant publishing notifications and other content useful for making your own trade moves. Turn notifications on, and have my (tweets only) opened in a fresh tab so as not to miss a thing – such as extra intraday opportunities. Thanks for all your support that makes this great ride possible! Thank you,
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