Another Intraday SPX Squeeze?
September 26, 2023 (Investorideas.com Newswire) S&P 500 couldn't break 4,345 yetsterday, let alone make good progress on 4,315, and as low 4,350s were holding up before the closing bell and premarket, it became justified earlier today to consider the daily glass half full indeed. Not that I would think today's new home sales or Richmond manufacturing would sink the markets (temporary rebound off low 4,350s seems probable) - and the weakest link yesterday, HYG with 10y yields (TLT), have an opportunity to catch up today.
Unlike gold, which I called intraday as due for more of a decline - the daily retreat in yields has today best chance of influencing risk taking in stocks rather than make for a buying spree in real assets. Tellingly, USD remains resilient, and not yet near a top, and neither are yields.
I'll be covering more of the live moves across the board on Telegran and Twitter.
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Let's move right into the charts (all courtesy of www.stockcharts.com) - today's full scale article contains 3 of them.
S&P 500 and Nasdaq Outlook
4,385 held in the squeeze late yesterday, and one more of such kind today (on lower yields and oil) to take ES back above 4,365, may be ahead - depends upon XLY, XLF, XLI and IWM show of strength that must be accompanied by tech (semis weren't too weak yesterday).
As a precondition, 4,345 though must hold the way it did yesterday. Even in this seasonally poor week, an intraday squeeze may develop later today again.
Crude Oil
Crude oil is still consolidating sideways, but vulnerable to a short-term pullback or brief dip that would be within hours bought - unless more hawkish Fed messaging is coming today to further stun markets. $88.50 though has pretty good odds of holding for longer.
Thank you,
Monica Kingsley
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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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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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