A1 TRADING | Indices, Commodities, Forex, Futures
Gold Daily Chart: Uh oh...
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S&P 500
The S&P is still rangebound just above previous all time highs and $5,600. There is no real news coming out until later this week, so price action will probably stay within these boundaries until CPI, if CPI causes a major move. It’s probable to only see limited upside from the gains we already made in premarket, as well as limited downside.
-Frank
The S&P is still rangebound just above previous all time highs and $5,600. There is no real news coming out until later this week, so price action will probably stay within these boundaries until CPI, if CPI causes a major move. It’s probable to only see limited upside from the gains we already made in premarket, as well as limited downside.
-Frank
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USOil
Oil falls over 2% this morning after briefly testing the 200 DMA on the 1D timeframe. This is also happening while Chinese stocks abruptly tumble after less optimism on stimulus in the economy. News from Beijing told us that authorities will not be unveiling more stimulus into the economy which caused a 13% drop in price on the CHINA50 index.
-Frank
Oil falls over 2% this morning after briefly testing the 200 DMA on the 1D timeframe. This is also happening while Chinese stocks abruptly tumble after less optimism on stimulus in the economy. News from Beijing told us that authorities will not be unveiling more stimulus into the economy which caused a 13% drop in price on the CHINA50 index.
-Frank
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Gold
Gold at break even at the start of the day as investors try to interpret demand this week. This is the only metal that is mostly unfazed by the recent news in China as silver and other metals drop. The metal could still retrace on weakness in China, and the $2,600 support level could still be tested.
-Frank
Gold at break even at the start of the day as investors try to interpret demand this week. This is the only metal that is mostly unfazed by the recent news in China as silver and other metals drop. The metal could still retrace on weakness in China, and the $2,600 support level could still be tested.
-Frank
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Blue chips look the strongest on the EdgeFinder today. Nearing the all time highs again, price could test that level again today or tomorrow depending on the news. FOMC meeting minutes is today and will likely have no impact the stock sentiment. Tomorrow’s CPI will have an impact on price action. Higher CPI could be negative for market sentiment as it may suggest the Fed made a mistake in cutting too early. However, with oil prices down 15% from the summer highs, tomorrow’s CPI report may actually come in lower than last month.
Data From The EdgeFinder!
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Gold is now printing a bearish score on he EdgeFinder post CPI news in the US. What brought so much demand into this metal earlier in the year was the expectation of a number of 50 bps rate cuts to weaken the dollar over time. Now that inflation proves to be more sticky than wanted, the Fed may have to reel back on heavy cuts in the future.
Despite oil's major tumble in the summer, CPI y/y managed to come in 0.1% higher than expectations. Core prices did not move, but were still higher than expectations. Core does not include food and energy into the metric, so oil's price isn't considered for the measurement. This means prices of food and energy were higher than expectations while everything else did not move in price.
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Despite oil's major tumble in the summer, CPI y/y managed to come in 0.1% higher than expectations. Core prices did not move, but were still higher than expectations. Core does not include food and energy into the metric, so oil's price isn't considered for the measurement. This means prices of food and energy were higher than expectations while everything else did not move in price.
Data From The EdgeFinder!
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The S&P is just a little off the all time highs after this news. A question looming in every investor's mind is whether or not the Fed took action too quickly. CPI obviously did not meet our expectations, but there are some things to consider.
CPI y/y did fall from last month, just not as much as we wanted it to (from 2.5% to 2.4%). Month-over-month stayed the same with Core unchanged as well. Core has been sticky all year, so any sort of rate cut seemed unnecessary, but everyone wanted it to relieve the labor market.
-Frank
CPI y/y did fall from last month, just not as much as we wanted it to (from 2.5% to 2.4%). Month-over-month stayed the same with Core unchanged as well. Core has been sticky all year, so any sort of rate cut seemed unnecessary, but everyone wanted it to relieve the labor market.
-Frank
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The value play is still very much in tact according to the EdgeFinder. Although we are expecting less aggressive cuts going into the end of the year, blue chips are still in high demand. This is likely due to the overwhelming demand in dividend stocks in the past few weeks.
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