S&P 500 bears were winning till services PMI, which turned equally much the Nasdaq around too, delivered very risk-on sectoral showing. Gold breaks above $2,300 reflecting the certainty of rate cuts by major central banks.
S&P 500 bears were winning till services PMI, which turned equally much the Nasdaq around too, delivered very risk-on sectoral showing . ADP employment change was all right, I looked for a strong beat, but expected the same from services PMI given the earlier successful call for manufacturing PMI to overcome expectations. So, only our swing trading longs were rewarded while I managed to score a Wed draw (B/E total) in the intraday channel.
Gold did break above my $2,300 and even if it consolidates today, that‘s not the end of the ride. Its appreciation reflects virtual certainty of most if not all major central banks going the rate cutting route while inflation remains closer to 3% than 2% in the trough, and it can be considered as the select route of devaluation that happens against real asset(s) not other currencies, but against gold. Silver has been beautifully catching up in percentage appreciation, mimicking my bullish copper weekend and earlier call
S&P 500 Bears Services PMI Nasdaq Risk-On Sectoral Showing ADP Employment Change Swing Trading Gold Rate Cuts Central Banks
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