← Go back Jun 06, 2023
S&P 500 was quickly sold into, and the following decline was driven by tech and other former leaders. The intraday preview I gave you at the onset of the session in the , echoed the warranted initial caution (provided by bond market review). And such is the case at the onset of today‘s session too – bonds aren‘t in a risk-off position while tech is entering the day on a relatively stronger not than yesterday. So, are the rotations into real estate, industrials, materials, energy and utilities to lose steam in favor of some tech names? Let‘s chek through the day whether first AAPL, then META and NVDA catch some bid, which they would catch. Overall, I‘m not looking for stark S&P 500 gains today even if 4,385 resistance gets overcome. 4,415 would be capping any potential gains in all likelihood – and I‘m not looking for to spark more than a (likely to underwhelm, and confirm the upcoming recession). The same goes for Richmond manufacturing – only the consumer confidence can be counted on to support the misguided notion that recession can somehow still be avoided. All in all, I maintain the modest bearish grind lower view point. Keep enjoying the lively via keeping my tab open at all times (notifications on aren’t enough) – combine with subscribing to my , and of course 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 5 of them. is getting still rejected on the upside while silver and miners do better. It doesn‘t look like the end of this correction, I would look for targets in the caption to be still within reach. Slowing economy would support PMs prices, but that‘s the story of 2H 2023. Crude oil bulls lost an opportunity, and that‘ll show for longer than this week lasts. Bobbing this long around $70 isn‘t a good sign in the least. Risks are skewed to the downside now short-term, unfortunately. Copper is returning to the high $3.70s, but the tightening reality and shrinking liquidity would make themselves felt here as well. For the remainder of this week, regardless of all the Fed 2023 tightening repricing, $3.72 is safe. Thank you for having read today‘s free analysis, which is a small part of covering all the markets you’re used to ( , 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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