Tuesday saw the S&P 500 maintain its familiar pattern as tech stocks, particularly those in XLF and XLV, gave vocal indications. A combination of clues pointing to oil as well as reports on manufacturing PMI and non-farm payrolls emphasised the need for the Federal Reserve toconsider raising rates. Yields on long-term bonds have placed greater importance on this front as AI-driven resilience in tech runs the risk of being challenged, with the Top 7 stocks plus the potentially precarious SMH chart both exemplifying this.
Nasdaq struggling to surpass 15,400 does little to help things, with dipping deeper than US indices executing further caution. Conversely, uplifted oil price and the emerging job market may offer the return of certain metrics – possibly coalescing with August or September results – bonds indicating inflation expectations are nevertheless showing greater resolve. To keep up, I’d suggest consulting Twitter for any extra intraday opportunity updates, as well as my free newsletter to see the daily justifications for the tight trading range expected through the month.
The so-called Fitch gap of 4,592 once again stumped bullish behaviour, but looks set to bring necessary stability in areas as unexpected as healthcare. All the indications joined together highlight that the tech sell-off is far from direct, sweeping away the best of sectors such as XLI, XLE, XLB, and minor dashes of XLF, and XLV. With bullish indicators wilting, the underlying stock market correction is rolling with some clear negative indicators. This week’s comprehensive analysis expands on all that should expect covering the markets of stocks, bonds, gold, silver, miners, oil, copper, and cryptos.
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