Tight Range Grind
November 15, 2022 (Investorideas.com Newswire) S&P 500 reversed lower before the closing bell, but the low volume took away from the move's credibility. Only the bond market was more pessimistic in its close, however the USD reverxing premarket gains into solid red, continues hinting at more upside in stocks - no matter the manufacturing and PPI data today (retail sales tomorrow would be more conducive than these two).
For today, tech is likely to do better than value, which attracted rising selling pressure yesterday. The retreat in yields is likely to cushion primarily the beleaguered tech and communications, taking the daily spotlight from real assets. I am not looking for a sizable bullish move today in precious metals or oil - stocks will provide more opportunities.
4,010s are likely to provide resistance while 3,973 remains the support that's increasingly less likely to be jeopardized today. 4,040s are more probable - I'm looking for risk-on to win after the open, which would would help real assets intraday too, but would be followed by some selling before close again.
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