Yet another intraday reversal higher that fizzled out, in premarket already – but weak ISM would rescue the buyers for a while again. Triggering bets on the Fed to step back from the tightening campaign (of course a misguided notion), there are signs markets are positioning for such an outcome – gold has erased half of yesterday‘s setback already, and EURUSD is catching a bid the more the data release approaches. So, get ready for a risk-on reprieve that won‘t change the adverse liquidity circumstances as since the debt ceiling was solved once again, the issued almost $600bn of fresh debt. Together with monetary tightening effects slowly making their way through the system, this increases tail risks to the downside over the coming weeks if not months.
Today‘s analytical intro is brief,as I‘m going to dive into many market charts. Thanks for the warm reception of the daily and intraday – you‘ve got plenty to look forward for! Keep enjoying the lively via keeping my tab open at all times (notifications on aren’t enough) – combine with subscribing to my free newsletter, and of course that Twitter (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 here. Let‘s move right into the charts (all courtesy of StockCharts.com) – today‘s full scale article contains 5 of them. would be today‘s beneficiaries and rise vs. their opening values, but the correction isn‘t over yet at least in terms of time. hasn‘t found strong footing yet, but will also benefit from the ISM figures and rise back above $68. Copper also obliged lower in line with my yesterday‘s call, just as precious metals did. Growth worries are hitting home here as well, and today‘s steep decline will be partially retraced on the Fed tightening bets temporary reappraisal.
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