S&P 500 Dives – Another Hawkish Win

More of Powell testimony and job openings to reveal no immediate recession, and together with Friday‘s non-farm payrolls spurring (reconfirming) the newly elevated terminal Fed funds rate.

Q4 2022 hedge fund letters, conferences and more

This translated into a fine risk-off turn yesterday with financials confirming and tech joining in the decline. There wasn‘t even a dead cat bounce in the aftermarket, and the premarket struggles go on.

Summing up, dead cat bounce is unlikely to prove as anything more than a failed attempt to reassume initiative even if by some miracle Powell wouldn‘t sound as harsh today as the terminal Fed funds rate reappraisal is generating welcome volatility.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com).

S&P 500 And Nasdaq Outlook

And we got that one more day of selling. All the chips are in place for a downside surprise – timing is the only question. Not that the catalysts amply described in today’s analytical intro, would be missing. Key levels for today are 4,015 defence with a highly desirable break of 3,980 followed by 3,958 (bridge too far for today definitely and tomorrow probably).

Credit Markets

Bonds are unlikely to offer more than a temporary respite in the regained risk-off posture. TLT would hold up relatively best, for these reasons given. Flight to safety, recession and tightening.

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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.

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