It was a second day for the bulls, with the SPX printing 3419, and settling +17pts (0.5%) to 3401. Meanwhile, WTIC settled +$1.02 (2.7%) to $38.28.
sp’weekly1b
WTIC daily
Summary
sp: I would again note the weekly 10MA, currently at 3350. Bears need a weekly settlement under it, <3300 to be decisive, to open the door to m/t rising support in the mid/low 3100s… which does appear probable ahead of the election.
wtic: the third daily gain of five for oil, but s/t price structure could is a bear flag. Major support 32/30.
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Looking ahead
Wednesday will see Retail sales and EIA Pet’ report.
Earnings: none.
Event: FOMC announcement (2pm), Powell press conf’ (2.30pm). No change in policy can be expected. However, the fed will very likely re-state its support for further US Govt’ fiscal stimulus.
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PF chart of the day
The computer is holding to a bearish target of the $29s.
Exxon Mobil (XOM), monthly, 10yr
Today saw Exxon settle net lower for the 21st day of 24. Getting kicked out of the Dow sure hasn’t helped, but the stock/sector was m/t broken anyway.
I would note the 10MA in the lofty $46s, as the computer’s $29s appear on the menu within October. Clearly, the company has a l/t future, but for now, there is ZERO sign of a short or mid term floor/turn.
Goodnight from London