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Let's Just Ignore Yields


July 3, 2024 ( Newswire) S&P 500 didn't break below the support line of 5,508 even though yields kept biting. Then, Powell wasn't hawkish, and a rally within the range (for now within the range) testing twice the declining support line shown below (chart posted to our channel, then to Twitter) first, was what followed. For good measure, JOLTS above expected, were ignored.

Out of the two points of contention (#1 will stocks catch to the downside pressure made by rising yields, and #2 what to make of the no risk-off sectoral view Monday), stocks chose to squeeze the bears - and by bears I mean also those like me thinking that such data as lately (manufacturing PMI were good for bulls, but were sold into Monday) call for more of a sideways move till Friday's NFPs).

To top it off, leadership nicely broadened from tech outside of semis, NVDA into XLF and XLY beyond the TSLA less bad deliveries than feared rally called in our channel.

Apart from the latest change in oil trading pattern (aka there is something more to the sideways recovery), important daily change is underway in precious metals - here is how I summed it up in the Trading Signals Telegram channel (the silver chart reserved for clients makes clearer sense as to the potential return to the declining channel / wedge formed since failing to cementing the failure to break above the second silver top above $32).

Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren't enough) - combine with subscribing to my Youtube channel, and of course Telegram that always delivers my extra 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 mve right into the charts (all courtesy of - today's full scale article contains 4 more of them, with commentaries.

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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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