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Suspect Grind

 

March 29, 2023 (Investorideas.com Newswire) S&P 500 bears missed a good opportunity, and couldn't keep pressuring even only NDX. While banking is getting less in the headlines, it isn't turning up either. The same goes for yesterday's hesitant perfomance of smallcaps, industrials and materials - bonds aren't paving the way for a universally clear upswing either.

It's only the veracity of S&P 500 intraday reversal higher coupled with premarket consolidation taking price action just below the key 4,039 resistance that makes me assume the buyers would try to break above. The more though the banks cease to be the focus of the day, the more would prior safe havens (tech and Treasuries, not gold and real assets) get hurt by money outflows.

For now, stocks remain trading in a larger range, and the higher they attempt to grind, the more warning signs would pop up before the true recession hallmarks - rising unemployment (initial, continuing claims), earnings downgrades and manufacturing - make as short a process with this dillydallying rally as the return of inflation (strengthened by rising oil again while nominal wage growth didn't recede much, and services inflation remains still hot) as the recognition of why the Fed would pivot at all (how about economic slowdown and pressure on banks through continued deposit outflows?). Consumer confidence and retail sales would kick in too, but are for now shielded by the termporary housing recovery (based on limited supply and lower mortgage rates).

This is a perfect environment for - as in all roads lead to - gold and silver. Take silver confirmed by copper and base metals swinging higher, and 2023 will truly be the year of precious metals. One of many.

Keep enjoying the lively Twitter feed via keeping my tab open at all times - on top of getting the key daily analytics right into your mailbox. Combine with Telegram that never misses sending you notification whenever I tweet anything substantial, but the analyses (whether short or long format, depending on market action) over email are the bedrock.

So, make sure you're signed up for the free newsletter and that you have my Twitter profile open in a separate tab with notifications on so as to benefit from extra intraday calls.

Let's move right into the charts (all courtesy of www.stockcharts.com).

Crude Oil


The second trip to $66 turned out pretty lame, and the bears couldn't muster more strength. $71 - 73 would now act as support, and a series of higher highs and higher lows is upon us.

Copper


Very bullish copper price action and continued outperformance of the commodities index - the worst in this two month long correction, is over.

Thank you for having read today's free analysis, which is a small part of the premium Monica's Trading Signals covering all the markets you're used to (stocks, bonds, gold, silver, oil, copper, cryptos), and of the premium Monica's Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates. While at my homesite, you can subscribe to the free Monica's Insider Club for instant publishing notifications and other content useful for making your own trade moves on top of my extra Twitter feed tips. Thanks for subscribing & all your support that makes this great ride possible!

Thank you,

Monica Kingsley
Stock Trading Signals
Gold Trading Signals
Oil Trading Signals
Copper Trading Signals
Bitcoin Trading Signals
www.monicakingsley.co
mk@monicakingsley.co

All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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