Choppy But Bearish
October 21, 2022 (Investorideas.com Newswire) S&P 500 turned once again decisively lower yesterday, and the slow grind to the upcoming local bottom continues on rising volume - and that's good. Crucially, bonds continued supporting the move - as the key trio on my watch (those always shown in bond charts), reversed intraday. Higher yields are generally supportive of the dollar, and put pressure especially on precious metals, no surprises here (been issuing mostly bearish daily outlooks in PMs for months already), with oil remaining relatively best insulated among commodities.
Crypto is also cautious here, so there is no reason to change my medium-term prognosis for any asset class based on yesterday's session. Moreover, the SNAP earnings disappointed stocks, and coupled with (politely stated) mixed and weakening economic data yesterday, fueled the premarket decline that's likely not to be invalidated by the choppy action we're seeing in stocks still before the opening bell.
This is still the time to be patient while the odds continue favoring the bears medium-term. I'll supplement today's analysis with more analytical guidance over the weekend - have a great one in advance.
The levels to watch today is 3,680 for resistance, and (probably not today, but in the days ahead only) 3,595 for support. Support that's likely to be eventually broken because the selling pressure isn't slowing down materially, and bonds with the dollar continue turning up the heat.
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