← Go back Aug 08, 2023
Yesterday‘s JOLTS stunner not only didn‘t paint the picture of (my humble prediction), but showed strong job market deterioration. Together with the , it invited a sharp retreat in yields triggering rush to Big Tech safety. Right or wrong as stocks cut through 4,465 in no time, that allowed for while 4,485 resistance was hanging in the air. ,, and the next 4,515 resistance stopped the buyers premarket. Market is focused on Fed easing now, and with yields retreating (I still say 10y very solidly below 4%), the in stocks has to wait. What‘s though suspicious, is that financials didn‘t take a better advantage yesterday. Concluding with yesterday‘s premium thoughts – the question mark is where do stocks start to reflect worsening underlying landscape, and tech not being a safe haven. Also, the most reliable plays remain , Anyway, as today‘s title suggests, I think that yesterday‘s gains would be getting dialed back, starting today. 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 3 of them. 4,529 – 4,535 area won‘t be reached, and fresh selling is likely to take over, affecting also tech even if yields retreated. Cyclicals and value with smallcaps surely won‘t like this real economy deterioration – 4,515 remains resistance, reaching 4,492 is the accelerator to breaking down towards 4,465, which though isn‘t overwhelmingly likely to happen today. See this to check how discerning the market is, even if euphoric overall. The price action in the opening 15min though suggests that buyers want to have a go at 4,535 ultimately, still today. remain the most reliable performers, and a test of $1,980 is slowly but surely approaching – powered by retreat in yields more so than gyrating dollar. Even the hot silver is still a buy here. 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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