← Go back Jul 07, 2023
Yesterday, initially tumbled on economic data supporting the notion that the economy isn‘t falling apart equals Fed has room to raise by those two more 25bp this year, keep shrinking its balance sheet and remain restrictive. Following though on prior solid breadth, the dip got bought within hours. Slow grind up is still . That was my call at the onset of European session, – as the core PCE draws near, this anticipation . As I don‘t expect a hot inflation figure (this is Fed‘s probably favorite core figure) – rather 0.3% month on month at most – this should work to ultimately let stocks overcome any initial gyration with . 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 4 of them. 4,432 as nearest support should hold, and 4,415 wouldn‘t come near today. My expectation is that the initial dip (if any to speak of) would get bought, and it would be up to XLK, XLC and XLY to kick in and support the usual XLE, XLI, XLB and IWM with a push to 4,455 and likely breaking it on a closing basis. Miners have moved nicely yesterday, and with silver can surprise following today‘s PCE data. Too early to look for a turning point and new sustainable upleg though. 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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