What a Mixed FOMC!
February 1, 2024 (Investorideas.com Newswire) S&P 500 didn't get back its mojo following AMD, MSFT and GOOG earnings, and the troubled FOMC message delivery snuffed a promising upswing. Rate cut yes or no, that's what it boils down to. A bit self contradictory conference to say the least. Foremost today, AAPL, META and AMZN report - and if reasonably fine earnings and guidance are sold into, then Houston has a trouble.
Instead of picking gems from the European morning summary of what just happened with FOMC, be treated to the below summary posted in our channel.
More details follow of course in the individual chart section and live on Telegram 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 2 of them, featuring S&P 500 and precious metals.
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S&P 500 and Nasdaq
No matter the premarket upswing, risks have shifted shifted to the downside - taking down MSFT this savagely doesn't bode well, those earnings were bad. Chiefly AMZN is at similar risk. Unemployment claims above expectations at 224K add to soft landing hopes, but stock market sellers may have other thoughts - I would be really cautious especially since we have non-farm payrolls tomorrow as well - better opportunity had been gold last couple of days, and also oil is putting in some nice basing pattern above $76.
Gold, Silver and Miners
Zero willingness to go south again towards my Friday long gold timing call in the low $2,020s, and one more long call justification at earlier lows today, speaks volumes as to upswing continuation this early in the gold upleg.
Crude oil is also relatively unfazed, and $75.50 seems deep enough for the drop this week - the grind higher can slowly continue, first $$78 and then $82.50.
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