S&P 500 Is Poised to Open Much Lower, Is This a Dip-buying Opportunity?

The broad stock market index broke below its short-term consolidation on Friday, as the S&P 500 index fell below its recent local lows along 4,450 price level. On September 2 the index reached a new record high of 4,545.85. Since then it has lost almost 120 points. This morning stocks are expected to open much lower following big declines in Asia and Europe after news about Evergrande Real Estate Group crisis in China.

The nearest important support level of the broad stock market index is now at 4,300-4,350 and the next support level is at 4,200. On the other hand, the nearest important resistance level is now at 4,400-4,450, marked by the previous support level. The S&P 500 broke below its over four-month-long upward trend line, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

Dow Jones Is Leading Lower

Let’s take a look at the Dow Jones Industrial Average chart. The blue-chip index broke below a potential two-month-long rising wedge downward reversal pattern recently. It remained relatively weaker in August – September, as it didn’t reach a new record high like the S&P 500 and the Nasdaq. Today it may sell off to 34,000 level or lower. The next support level is at around 33,250-33,500 and the resistance level is at 34,500, marked by the recent support level, as we can see on the daily chart:

Apple Breaks Below Upward Trend Line

Apple stock weighs around 6.3% in the S&P 500 index, so it is important for the whole broad stock market picture. In early September it reached a new record high of $157.26. And since then it has been declining. So it looked like a bull trap trading action. We can still see negative technical divergences between the price and indicators and a potential topping pattern. The stock is breaking below an over two-month-long upward trend line.

September Last Year – S&P 500 Fell Almost 11%

In 2020, the S&P 500 index reached a local high of 3,588.11 on September 2 and in just three weeks it fell 10.6% to local low of 3,209.45 on September 24. This year, September’s downward correction has started from the new record high of 4,545.85 on September 3, so there is a striking similarity between those two trading actions.

Conclusion

The S&P 500 index broke below its short-term consolidation on Friday and today it will most likely accelerate the downtrend from the early September record high. However, later in the day we may see some short-term/ intraday bottoming trading action.

The market seems overbought, and we may see some more profound downward correction soon. Therefore, we think that the short position is justified from the risk/reward perspective.

Here’s the breakdown:

  • The market is extending its downtrend today, as the S&P 500 index is likely to open much below 4,400 level.
  • Our speculative short position is still justified from the risk/reward perspective.
  • We are expecting a 5% or bigger correction from the record high.

Like what you’ve read? Subscribe for our daily newsletter today, and you’ll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

Thank you.

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care

* * * * *

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data’s accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Monday, Sep. 20 – Gold Going Sideways Despite Stock Market’s Rout

The gold futures contract lost 0.30% on Friday, as it fluctuated following Thursday’s decline of 2.12%. On Thursday, it broke below the recent local lows as series of the U.S. economic data releases along with the rallying U.S. dollar led to a sell-off in precious metals. The yellow metal came back to $1,750 price level. This morning the market is extending a short-term consolidation along that support level, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.2% higher, as it is trading slightly above $1,750 price level. What about the other precious metals? Silver is 0.1% lower, platinum is 1.8% lower and palladium is 3.0% higher. So precious metals’ prices are mixed this morning.

Friday’s Consumer Sentiment release has been slightly worse than expected at 71.0. Today we will get the NAHB Housing Market Index release at 10:00 a.m. But the markets will be waiting for Wednesday’s FOMC Monetary Policy Statement release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, September 20

  • 10:00 a.m. U.S. – NAHB Housing Market Index
  • All Day, Canada – Federal Election
  • All Day, China – Bank Holiday

Tuesday, September 21

  • 8:30 a.m. U.S. – Housing Starts, Building Permits, Current Account
  • Tentative, Japan – Monetary Policy Statement, BOJ Policy Rate

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Will Quadruple Witch Send Stock Prices Lower?

The broad stock market index lost 0.16% on Thursday as it fluctuated within a short-term consolidation following last week’s declines. On September 2 the index reached a new record high of 4,545.85. Since then it has lost over 110 points. This morning stocks are expected to open virtually flat again following a pre-session rebound from overnight lows.

The index remains elevated after the recent run-up, so we may see more profound profit-taking action at some point.

The nearest important support level of the broad stock market index is now at 4,435-4,450 and the next support level is at 4,400-4,410. On the other hand, the nearest important resistance level is now at 4,490-4,500, marked by the previous support level. The S&P 500 bounced off its over four-month-long upward trend line, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

S&P 500’s Medium-Term Downward Reversal?

The S&P 500 index broke below its medium-term upward trend line a few weeks ago. However, it is still relatively close to the record high. The nearest important support level is at 4,300, as we can see on the weekly chart:

Dow Jones Trades Within a Consolidation

Let’s take a look at the Dow Jones Industrial Average chart. The blue-chip index broke below a potential two-month-long rising wedge downward reversal pattern recently. It remained relatively weaker in August – September, as it didn’t reach a new record high like the S&P 500 and the Nasdaq. The support level is now at around 34,500 and the near resistance level is at 35,000, marked by the recent support level, as we can see on the daily chart:

Apple at Support Level

Apple stock weighs around 6.3% in the S&P 500 index, so it is important for the whole broad stock market picture. Last week it reached a new record high of $157.26. And since then it has been declining. So it looked like a bull trap trading action. On Friday the stock accelerated its downtrend following an unfavorable federal judge’s ruling. We can still see negative technical divergences between the price and indicators and a potential topping pattern. The stock is at an over two-month-long upward trend line – it’s a ‘make or break’ situation.

Conclusion

The S&P 500 index continued to trade within a short-term consolidation yesterday. It’s been a week since the market reached the current price levels. So is this a flat correction within a downtrend or some bottoming pattern? Today we will most likely see another flat opening of the trading session – later in the day we may see some more volatility because of a quarterly derivatives expiration known as ‘quadruple witching Friday’.

The market seems overbought, and we may see some more profound downward correction soon. Therefore, we think that the short position is justified from the risk/reward perspective.

Here’s the breakdown:

  • The market retraced more of its recent advances this week, as the S&P 500 index extended its decline below 4,450 level.
  • Our speculative short position is still justified from the risk/reward perspective.
  • We are expecting a 5% or bigger correction from the record high.

Like what you’ve read? Subscribe for our daily newsletter today, and you’ll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

Thank you.

Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care

* * * * *

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data’s accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Friday, Sep. 17 – Gold Sold Off to $1,750

The gold futures contract lost 2.12% on Thursday following breaking below its recent local lows as series of the U.S. economic data releases, rally in dollar led to a sell-off in precious metals. The yellow metal came back to $1,750 price level yesterday. This morning it is bouncing slightly off yesterday’s local low of $1,745.50, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.4% higher, as it is trading above $1,750 price level. What about the other precious metals? Silver is 0.5% higher, platinum is 1.9% higher and palladium is 0.7% higher. So precious metals’ prices are higher this morning.

Yesterday’s important Retail Sales number release has been much better than expected +0.7% m/m vs. -0.7% m/m. The Unemployment Claims release has been slightly worse than expected at 332,000. Today we will get the Consumer Sentiment release at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, September 17

  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Thursday, Sep. 16 – Gold Price Breaking Lower

The gold futures contract lost 0.68% on Wednesday as it extended a short-term consolidation following last week’s Tuesday’s decline of almost 2%. The yellow metal has retraced all of its recent advance and it fell back below the $1,800 price level. It reacted to the strengthening U.S. dollar, among other factors. This morning gold is trading below its Tuesday’s low, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.9% lower, as it is the lowest since mid-August. What about the other precious metals? Silver is 1.5% lower, platinum is 1.1% lower and palladium is 2.5% higher. So precious metals’ prices are lower this morning.

Yesterday’s Empire State Manufacturing Index release has been better than expected at 34.3 and the Industrial Production release has been slightly worse than expected at +0.4%. Today we will get the important Retail Sales number release at 8:30 a.m. It is expected at -0.7% m/m. We will also have the Philly Fed Manufacturing Index, Unemployment Claims and Business Inventories releases today.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Thursday, September 16

  • 8:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
  • 10:00 a.m. U.S. – Business Inventories m/m

Friday, September 17

  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

S&P 500: Striking Similarity to the September Last Year

The broad stock market index fell to the daily low of 4,435.46 on Tuesday and it was the lowest since August 20. On September 2 the index reached a new record high of 4,545.85. Since then it has lost over 110 points. This morning stocks are expected to open virtually flat.

The index remains elevated after the recent run-up, so we may see some more profound profit-taking action at some point.

The nearest important support level of the broad stock market index is at 4,435 and the next support level is at 4,400-4,410. On the other hand, the nearest important resistance level is now at 4,465-4.475, marked by the recent support level. The S&P 500 got back close to its over four-month-long upward trend line, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

Dow Jones – Short-term Consolidation

Let’s take a look at the Dow Jones Industrial Average chart. The blue-chip index broke below a potential two-month-long rising wedge downward reversal pattern last week. It remained relatively weaker, as it didn’t reach a new record high like the S&P 500 and the Nasdaq. The support level is now at around 34,500 and the near resistance level is at 34,750, marked by the recent support level, as we can see on the daily chart:

September Last Year – S&P 500 Fell Almost 11%

In 2020, the S&P 500 index reached a local high of 3,588.11 on September 2 and in just three weeks it fell 10.6% to local low of 3,209.45 on September 24. This year, September’s downward correction has started at the new record high of 4,545.85 on September 3, so there is a striking similarity between those two trading actions. However, the index is just 2.4% down this time.

Apple Stock at Trend Line

Apple stock weighs around 6.3% in the S&P 500 index, so it is important for the whole broad stock market picture. Last week it reached a new record high of $157.26. Since then it has been declining. So it looks like a bull trap trading action. On Friday the stock accelerated its downtrend following an unfavorable federal judge’s ruling. We can still see negative technical divergences between the price and indicators and a potential topping pattern. The two-month-long upward trend line remains at around $147.

Conclusion

Yesterday, the S&P 500 index extended its short-term downtrend following breaking below 4,500 level on Friday. For now, it still looks like a correction within an uptrend. Today we will most likely see a flat opening of the trading session – we may see some more short-term consolidation.

The market seems overbought, and we may see some more profound downward correction soon. Therefore, we think that the short position is justified from the risk/reward perspective.

Here’s the breakdown:

  • The market retraced more of its recent advances this week, as the S&P 500 index extended its decline below 4,450 level.
  • Our speculative short position is still justified from the risk/reward perspective.
  • We are expecting a 5% or bigger correction from the record high.

Like what you’ve read? Subscribe for our daily newsletter today, and you’ll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

Thank you.

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care

* * * * *

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data’s accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Wednesday, Sep. 15 – No Big Changes, Gold at $1,800

The gold futures contract gained 0.71% on Tuesday as it continued to fluctuate within a short-term consolidation following last week’s Tuesday’s decline of almost 2%. The yellow metal has retraced all of its recent advance and it fell back below the $1,800 price level. It reacted to the strengthening U.S. dollar, among other factors. This morning gold is trading above the price level of $1,800, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% lower, as it is trading along the yesterday’s closing price. What about the other precious metals? Silver is 0.3% lower, platinum is 0.1% higher and palladium is 2.6% higher. So precious metals’ prices are mixed this morning.

Yesterday’s Consumer Price Index release has been slightly lower than expected at +0.3% m/m and the Core CPI has been at only +0.1% m/m vs. the expected +0.3% m/m. Today we will get the Empire State Manufacturing Index and Industrial Production releases. The markets will be waiting for tomorrow’s Retail Sales number release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Wednesday, September 15

  • 8:30 a.m. U.S. – Empire State Manufacturing Index, Import Prices m/m
  • 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y, Core CPI m/m
  • 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
  • 9:30 p.m. Australia – Employment Change, Unemployment Rate

Thursday, September 16

  • 8:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
  • 10:00 a.m. U.S. – Business Inventories m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Tuesday, Sep. 14 – Gold Continues to Fluctuate Along $1,800

The gold futures contract gained 0.13% on Monday as it continued to fluctuate following last week’s Tuesday’s decline of almost 2%. The yellow metal has retraced all of its recent advance and it fell back below the $1,800 price level. It reacted to the strengthening U.S. dollar, among other factors. This morning gold is trading below the price level of $1,800 again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.4% lower, as it is still trading within a short-term consolidation following the mentioned decline from the recent local highs. What about the other precious metals? Silver is 0.6% lower, platinum is 1.8% lower and palladium is 2.3% lower. So precious metals’ prices are lower this morning.

Yesterday we didn’t get any new important economic data releases. Investors will be waiting for today’s Consumer Price Index release. The forecast number is +0.4% m/m for the CPI and +0.3% m/m for the Core CPI.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Tuesday, September 14

  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 10:00 p.m. China – Retail Sales y/y

Wednesday, September 15

  • 8:30 a.m. U.S. – Empire State Manufacturing Index, Import Prices m/m
  • 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y, Core CPI m/m
  • 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
  • 9:30 p.m. Australia – Employment Change, Unemployment Rate

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Friday’s Decline May Be Retraced, but Will S&P 500 Get Back Above 4,500?

The broad stock market index lost 0.77% on Friday after falling almost 0.5% on Thursday. It went much below the 4,500 level. On September 2 the index reached a new record high of 4,545.85. Since then it has lost almost 90 points (around 2%). This morning stocks are expected to open higher and retrace some of the recent decline.

The index remains elevated after the recent run-up, so we may see some more profound profit-taking action at some point.

The nearest important support level of the broad stock market index is at 4,465-4,470, marked by the previous local low. The next support level is at 4,445-4,450. On the other hand, the nearest important resistance level is at 4,490-4,500, marked by the previous support level. The S&P 500 got back close to its over four-month-long upward trend line on Friday, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

S&P 500 Remains Below Medium-Term Trend Line

The S&P 500 index broke below its medium-term upward trend line. However, it is still relatively close to that trend line. The nearest important support level is at 4,300, as we can see on the weekly chart:

Dow Jones Went Lower – As Expected

Let’s take a look at the Dow Jones Industrial Average chart. The blue-chip index broke below a potential two-month-long rising wedge downward reversal pattern last week. It remained relatively weaker, as it didn’t reach a new record high like the S&P 500 and the Nasdaq. The support level is now at around 34,500 and the near resistance level is at 34,750, marked by the recent support level, as we can see on the daily chart:

Apple’s Bull Trap

Apple stock weighs around 6.3% in the S&P 500 index, so it is important for the whole broad stock market picture. Almost a week ago on Tuesday it reached a new record high of $157.26. Since then it has been declining. So it looks like a bull trap trading action. On Friday the stock accelerated its downtrend following an unfavorable federal judge’s ruling. We can still see negative technical divergences between the price and indicators and a potential topping pattern. The two-month-long upward trend line remains at around $145.0-147.5.

Our Short Position – Closer to Break-Even Point

Let’s take a look at the hourly chart of the S&P 500 futures contract. We opened a short position on August 12 at the level of 4,435. The position was profitable before the recent run-up. We still think that a speculative short position is justified from the risk/reward perspective. (chart by courtesy of http://tradingview.com):

Conclusion

On Friday, the S&P 500 index accelerated its short-term downtrend after breaking below 4,500 level again. For now, it still looks like a correction within an uptrend. Today we will most likely see a higher opening of the trading session – we may see another profit-taking action later in the day though.

The market seems short-term overbought, and we may see some downward correction soon. Therefore, we think that the short position is justified from the risk/reward perspective.

Here’s the breakdown:

  • The market retraced more of its recent advances on Friday, as the S&P 500 index extended its decline below 4,500 level.
  • Our speculative short position is still justified from the risk/reward perspective.
  • We are expecting a 5% or bigger correction from the record high.

Thank you.

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care

 

Daily Gold News: Monday, Sep. 13 – Gold Price Still Below $1,800

The gold futures contract lost 0.44% on Friday as it extended its fluctuations following last week’s Tuesday’s decline of almost 2%. The yellow metal has retraced all of its recent advance and it fell back below $1,800 price level. It reacted to the strengthening U.S. dollar, among other factors. This morning gold is trading below the price level of $1,800, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% higher, as it is trading within a short-term consolidation following the mentioned decline from the recent local highs. What about the other precious metals? Silver is 0.4% lower, platinum is 0.6% lower and palladium is 0.4% higher. So precious metals’ prices are mixed this morning.

Friday’s important Producer Price Index release has been slightly higher than expected at +0.7% m/m. The Wholesale Inventories release has been as expected at +0.6%. Today we won’t get any new important economic data releases. Investors will be waiting for tomorrow’s Consumer Price Index release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Monday, September 13

  • 2:00 p.m. U.S. – Federal Budget Balance
  • 10:45 p.m. Australia – RBA Governor Lowe Speech

Tuesday, September 14

  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 10:00 p.m. China – Retail Sales y/y

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

S&P 500: Does It Have the Strength to Run Higher?

The broad stock market index lost 0.46% yesterday as it got back to Wednesday’s local low. It even went below the 4,500 level! Last Thursday (Sept. 2) the index reached a new record high of 4,545.85. This morning it is expected to open higher. The index remains elevated after the recent run-up, so we may see some more profound profit-taking action at some point.

The nearest important support level of the broad stock market index remains at 4,490-4,500, and the next support level is at 4,465-4,470, marked by the previous Thursday’s low. On the other hand, the nearest important resistance level is at 4,550. The S&P 500 bounced from its four-month-long upward trend line recently, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

Dow Jones Extended Its Short-term Downtrend

Let’s take a look at the Dow Jones Industrial Average chart. The blue-chip index broke below a potential two-month-long rising wedge downward reversal pattern this week. It remains relatively weaker, as it didn’t reach a new record high like the S&P 500 and the Nasdaq. The support level is now at around 34,750 and the near resistance level is at 35,000, as we can see on the daily chart:

Apple Retraced the Recent Advance

Apple stock weighs around 6.3% in the S&P 500 index, so it is important for the whole broad stock market picture. On Tuesday it reached a new record high of $157.26. Since then it has been declining. We can still see negative technical divergences between the price and indicators and a potential topping pattern. The two-month-long upward trend line remains at around $145, and the nearest important support level is now at $150-152.

AAII’s Sentiment Is Less Bearish

On Wednesday we’ve got the latest reading of the American Association of Individual Investors Sentiment Survey. There was a relatively big decline in bearish sentiment last week and an accompanying drop of neutral votes. So, individual investors are clearly less bearish right now, and that may be another sign of a topping action of the stock market. (chart by courtesy of http://www.aaii.com)

Conclusion

Yesterday, the S&P 500 index went below the 4,500 level again. For now, it looks like a correction within an uptrend. Today we will most likely see a higher opening of the trading session – we may see another profit-taking action later in the day though.

The market seems short-term overbought, and we may see some downward correction soon. Therefore, we think that the short position is justified from the risk/reward perspective.

As always, we’ll keep you, our subscribers, well-informed.

Like what you’ve read? Subscribe for our daily newsletter today, and you’ll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

Thank you.

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care

* * * * *

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data’s accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Thursday, Sep. 9 – Gold Remains Close to $1,800

The gold futures contract lost 0.28% on Wednesday following an almost 2% decline on Tuesday. The yellow metal has retraced all of its recent advance and it fell back below $1,800 price level. This morning gold is trading along $1,800 again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% higher, as it is trading sideways following Tuesday’s decline. What about the other precious metals? Silver is 1.1% higher, platinum is 0.3% higher and palladium is unchanged. So precious metals’ prices are higher this morning.

Yesterday’s JOLTS Job Openings release has been better than expected at 10.93 million vs. the expected number of 10.03 million. Today we will get the important news from the European Central Bank at 7:45 a.m. There will also be Unemployment Claims and Fed Members speeches today.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, September 9

  • 7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 11:05 a.m. U.S. – FOMC Member Daly Speech
  • 12:00 p.m. Canada – BOC Governor Macklem Speech
  • 1:01 p.m. U.S. – 30-y Bond Auction
  • 2:00 p.m. U.S. – FOMC Member Williams Speech

Thursday, September 9

  • 7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 11:05 a.m. U.S. – FOMC Member Daly Speech
  • 12:00 p.m. Canada – BOC Governor Macklem Speech
  • 1:01 p.m. U.S. – 30-y Bond Auction
  • 2:00 p.m. U.S. – FOMC Member Williams Speech

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

S&P 500: More Short-Term Weakness Despite Tech Rally?

The broad stock market index lost 0.34% on Tuesday (Sep. 7), as it bounced from the resistance level of around 4,550. Last Thursday (Sept. 2) saw the index reach a new record high of 4,545.85. This morning the market is expected to open virtually flat. However, it retraced the overnight decline.

The index remains elevated after the recent run-up, so we may see some more profound profit-taking action at some point.

The nearest important support level of the broad stock market index remains at 4,500, and the next support level is at 4,465-4,470, marked by the previous Thursday’s low. On the other hand, the nearest important resistance level is at 4,550. The S&P 500 bounced from its four-month-long upward trend line recently, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

S&P 500 Continues to Climb Along the Trend Line

The S&P 500 index remains close to its almost year-long upward trend line. The nearest important medium-term support level remains at 4,300, as we can see on the weekly chart:

Dow Jones Broke Down

Let’s take a look at the Dow Jones Industrial Average chart. The blue-chip index broke below a potential two-month-long rising wedge downward reversal pattern yesterday. It remains relatively weaker, as it didn’t reach a new record high like the S&P 500 and the Nasdaq. The support level remains at around 35,000, as we can see on the daily chart:

ChartDescription automatically generated

Apple Reached Yet Another Record High

Apple stock weighs around 6.3% in the S&P 500 index, so it is important for the whole broad stock market picture. Yesterday it reached a new record high of $157.26. We can still see negative technical divergences between the price and indicators and a potential topping pattern. The two-month-long upward trend line remains at around $145, and the nearest important support level is now at $150-152.

ChartDescription automatically generated

Is Short Position Still Justified?

Let’s take a look at the hourly chart of the S&P 500 futures contract. We opened a short position on August 12 at the level of 4,435. The position was profitable before the recent run-up. We still think that a speculative short position is justified from the risk/reward perspective. (chart by courtesy of http://tradingview.com):

Graphical user interface, chartDescription automatically generated

Conclusion

The S&P 500 index remains relatively close to its last week’s record high of 4,545.85. However, we can see some short-term profit-taking action, although yesterday’s decline has been stopped by the relatively strong tech sector. Today we will most likely see a neutral opening of the trading session followed by another profit-taking action.

The market seems short-term overbought, and we may see some profit-taking action soon. Therefore, we think that the short position is justified from the risk/reward perspective.

Here’s the breakdown:

  • The market extended its advance last week, as the S&P 500 index broke above the 4,500 level.
  • Our speculative short position is still justified from the risk/reward perspective.
  • We are expecting a 5% or bigger correction from the new record high.

As always, we’ll keep you, our subscribers, well-informed.

Paul Rejczak,

Stock Trading Strategist

Sunshine Profits: Effective Investments through Diligence and Care

Like what you’ve read? Subscribe for our daily newsletter today, and you’ll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

Thank you.

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak,

Stock Trading Strategist

Sunshine Profits: Effective Investments through Diligence and Care

* * * * *

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data’s accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Wednesday, Sep. 8 – Gold Retraced Last Week’s Rally

The gold futures contract lost 1.92% on Tuesday, as it got back to $1,800 price level again. Last week gold reached new local high above $1,835, and yesterday the market followed strengthening U.S. dollar, among other factors. This morning gold is trading along $1,800, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.3% lower, as it is trading sideways following yesterday’s decline. What about the other precious metals? Silver is 0.1% higher, platinum is 0.7% higher and palladium is 0.1% lower . So precious metals’ prices are slightly higher this morning.

Yesterday we didn’t get any new important economic data announcements. Today we will have the Beige Book release at 2:00 p.m., among others.

Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 36-month-long period of time that contains of thirty six NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.30% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, September 8

  • 10:00 a.m. U.S. – JOLTS Job Openings
  • 10:00 a.m. Canada – BOC Rate Statement, Ivey PMI, Overnight Rate
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 1:10 p.m. U.S. – FOMC Member Williams Speech
  • 2:00 p.m. U.S. – Beige Book

Thursday, September 9

  • 7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 11:05 a.m. U.S. – FOMC Member Daly Speech
  • 12:00 p.m. Canada – BOC Governor Macklem Speech
  • 1:01 p.m. U.S. – 30-y Bond Auction
  • 2:00 p.m. U.S. – FOMC Member Williams Speech

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Tuesday, Sep. 7 – Gold Gets Back Closer to $,1800

The gold futures contract lost 0.37% on Monday after gaining 1.23% on Friday. It broke above the recent local highs on Friday following the monthly jobs data release. This morning gold is trading closer to $1,800 price level again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.7% lower, as it is retracing its Friday’s advance. What about the other precious metals? Silver is 1.7% lower, platinum is 1.3% lower and palladium is 0.6% lower . So precious metals’ prices are lower this morning.

Friday’s Nonfarm Payrolls release has been worse than expected at only +235,000 vs. the expected number of +720,000. And the Average Hourly Earnings release has been higher than expected at +0.6% vs. +0.3%.

Today we won’t get any new important economic data announcements.

Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 36-month-long period of time that contains of thirty six NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.30% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, September 7

  • 12:30 a.m. Australia – RBA Rate Statement, Cash Rate
  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment

Wednesday, September 8

  • 10:00 a.m. U.S. – JOLTS Job Openings
  • 10:00 a.m. Canada – BOC Rate Statement, Ivey PMI, Overnight Rate
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 1:10 p.m. U.S. – FOMC Member Williams Speech
  • 2:00 p.m. U.S. – Beige Book

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Friday, Sep. 3 – Gold Slightly Higher Ahead of the NFP Release

The gold futures contract lost 0.25% on Thursday, as it continued to fluctuate within a short-term consolidation following the recent breakout above the $1,800 price level. Last week the market broke above the recent local high of around $1,812 after a dovish speech from the Fed Chair Jerome Powell. Since then it has been fluctuating within a relatively narrow trading range. This morning gold is trading closer to yesterday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.3% higher, as it is still trading above the $1,800 price level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.5% higher and palladium is 0.3% higher . So precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been slightly better than expected at 340,000.

The markets will be waiting for today’s monthly jobs data release at 8:30 a.m. The Nonfarm Payrolls number is expected to come at +720,000, and the Unemployment Rate is expected at 5.2%.

Where would the price of gold go following Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 36-month-long period of time that contains of thirty six NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold gained 1.45% in July and in August it lost 2.58%.

The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.30% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, September 3

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Thursday, Sep. 2 – Gold Unchanged Ahead of Series of Data Releases

The gold futures contract lost 0.12% on Wednesday, as it extended its short-term consolidation following the recent breakout above the $1,800 price level. Last week the market broke above the recent local high of around $1,812 following Friday’s dovish speech from the Fed Chair Jerome Powell at the Jackson Hole Symposium. Since then it has been fluctuating within a relatively narrow trading range. This morning gold is trading within its yesterday’s daily range, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is virtually flat, as it is still trading within a short-term consolidation. What about the other precious metals? Silver is 0.1% higher, platinum is 0.7% lower and palladium is unchanged. So precious metals’ prices are mixed this morning.

Yesterday’s ADP Non-Farm Employment Change has been worse than expected at +374,000 vs. +640,000 and the ISM Manufacturing PMI release has been better than expected at 59.9 vs. 58.5. Today we will get the Unemployment Claims, Nonfarm Productivity, Trade Balance and Factory Orders releases. We will also have some Fed-talk later in the day.

The markets will be waiting for tomorrow’s monthly jobs data release.

Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 36-month-long period of time that contains of thirty six NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold gained 1.45% in July and in August it lost 2.58%.

The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.30% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, September 2

  • 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 10:00 a.m. U.S. – Factory Orders m/m
  • 1:00 p.m. U.S. – FOMC Member Bostic Speech
  • 3:00 p.m. U.S. – FOMC Member Daly Speech

Friday, September 3

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Wednesday, Sep. 1 – Gold’s Consolidation, Friday’s Jobs Data in Focus

The gold futures contract gained 0.33% on Tuesday, as it continued to trade within a short-term consolidation following the recent breakout above the $1,800 price level. On Friday, the market broke above the recent local high of around $1,812 following a dovish speech from the Fed Chair Jerome Powell at the Jackson Hole Symposium. On Wednesday and Thursday the market retreated below $1,800 level again, but it was just a short-term weakness. This morning the yellow metal is trading within the yesterday’s daily range, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% lower, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 0.1% higher, platinum is 0.3% lower and palladium is 0.5% higher. So precious metals’ prices are mixed this morning.

Yesterday’s CB Consumer Confidence release has been worse than expected at 113.8. Today we will get the important ADP Non-Farm Employment Change and ISM Manufacturing PMI releases.

Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 36-month-long period of time that contains of thirty six NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold gained 1.45% in July and in August it lost 2.58%.

The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.30% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, September 1

  • 3:55 a.m. Eurozone – German Final Manufacturing PMI
  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
  • 12:00 p.m. U.S. – FOMC Member Bostic Speech
  • All Day – OPEC Meetings, OPEC-JMMC Meetings

Thursday, September 2

  • 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 10:00 a.m. U.S. – Factory Orders m/m
  • 1:00 p.m. U.S. – FOMC Member Bostic Speech

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Tuesday, Aug. 31 – Gold Going Sideways Despite Rallying Stock Market

The gold futures contract lost 0.40% on Monday, as it fluctuated following its Friday’s run-up of 1.4%. Recently, the market broke above the recent local high of around $1,812 following a dovish speech from the Fed Chair Jerome Powell at the Jackson Hole Symposium. On Wednesday and Thursday the market retreated below $1,800 level again, but it was just a short-term weakness. This morning the yellow metal is trading along yesterday’s daily low, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% higher, as it is still trading above the $1,820 price level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.2% lower and palladium is 0.4% lower. So precious metals’ prices are mixed this morning.

Yesterday’s Pending Home Sales release has been at -1.8% vs. the expectations of +0.5%. Today we will get the CB Consumer Confidence release at 10:00 a.m., among others. The markets will be waiting for Friday’s monthly jobs data announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, August 31

  • 8:30 a.m. Canada – GDP m/m
  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – CB Consumer Confidence
  • 9:30 p.m. Australia – GDP q/q
  • 9:45 p.m. China – Caixin Manufacturing PMI

Wednesday, September 1

  • 3:55 a.m. Eurozone – German Final Manufacturing PMI
  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
  • 12:00 p.m. U.S. – FOMC Member Bostic Speech
  • All Day – OPEC Meetings, OPEC-JMMC Meetings

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Monday, Aug. 30 – Gold Above $1,800 Again Following Powell’s Dovish Speech

The gold futures contract gained 1.35% on Friday, as it broke above its recent local high of around $1,812 following a dovish speech from the Fed Chair Jerome Powell at the Jackson Hole Symposium. On Wednesday and Thursday the market retreated below $1,800 level again, but it was just a short-term weakness. Gold is now trading along $1,820 price level. This morning the yellow metal is basically at the Friday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is virtually flat right now, as it is trading below the $1,820 price level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.2% lower and palladium is 1.6% higher. So precious metals’ prices are mixed this morning.

Friday’s important Core PCE Price Index release has been as expected at +0.3% m/m, but the Personal Income/ Personal Spending releases have been mixed. Today we will get the Pending Home Sales release at 10:00 a.m. The markets will be waiting for Friday’s monthly jobs data announcement. And tomorrow we will have the CB Consumer Confidence release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, August 30

  • 10:00 a.m. U.S. – Pending Home Sales m/m
  • 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI
  • All Day, U.K. – Bank Holiday

Tuesday, August 31

  • 8:30 a.m. Canada – GDP m/m
  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – CB Consumer Confidence
  • 9:30 p.m. Australia – GDP q/q
  • 9:45 p.m. China – Caixin Manufacturing PMI

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.