ES Back in the Range - For Now
May 25, 2023 (Investorideas.com Newswire) S&P 500 tumbled right through my 4,154 support, reaching all the way to another key milestone of 4,115. Heavy selling across the board, and my key metrics of XLF, XRT, XLI, XLB and IWM stumbled sufficiently just as tech did.
I'm though looking for tech to not continue easily lower here, HYG and VIX indicate. The former by printing a lower knot before S&P 500 woke up, the latter by VIX being unable to hold 20.50.
Respite in selling is ahead, and ES taking on 4,165 is quite likely in order to close the preceding gap, even without being powered by debt ceiling resolution. The Fitch warning isn't enough at the moment, and a deal at the very last minute remains most likely, as the costs of not reaching it are prohibitively high.
So, today would be about unemployment claims allowing the Fed to remain hawkish - remember the big picture beyond tightening - and NVDA earnings aftermath - no matter how poor compared to a year ago, the markets chose to salivate over exuberant forward guidance while AI is going to make more money to others such as AAPL and MSFT, and would take longer to become reality.
Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren't enough) - combine with Telegram that always delivers my extra intraday calls (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 I'm the most blocked market analyst and trader on Twitter.
Let's move right into the charts (all courtesy of www.stockcharts.com) - today's full scale article contains 4 of them.
S&P 500 and Nasdaq Outlook
If 4,154 resistance doesn't hold, 4,165 comes next, and that would hold without 4,177 jeopardized. It's too early though for the bears to reassume initiative even if my late in the day call to close ideally below 4,136, materialized. The bears need to regroup here, and get ready for tomorrow's core PCE surprise of inflation remaining quite sticky actually.
On one hand, 4,115 followed by 4,078 has to wait still - on the other hand, overcoming 4,225 seems unlikely at the moment, and would signify invalidation of the range breakout. Too early to call beyond today, but the steepness of this correction points to trouble overcoming 4,177 let alone 4,188.
Thank you for having read today's free analysis, which is a small part of my site's daily premium Monica's Trading Signals covering all the markets you're used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium Monica's Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates.
While at my site, you can subscribe to the free Monica's Insider Club for instant publishing notifications and other content useful for making your own trade moves.
Turn notifications on, and have my Twitter profile (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,
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.
More Info:
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp