Equities saw considerable midweek churn, but saw some distinct late day cooling, the SPX settling -41pts (1.2%) to 3567. Meanwhile, WTIC settled +58cents (1.4%) to $42.01.
sp’weekly1b
WTIC daily
Summary
sp: It wasn’t a pretty end to the day, but weekly momentum is still higher than last week. Note the weekly 10MA, currently at 3432… bulls can tolerate that without doing any damage to even the s/t trend.
wtic: a third consecutive net daily gain for oil, but broadly… still stuck. Things turn decisive with any price action >44.00, which would offer a run to psy’50, with secondary of the $52s.
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Looking ahead
Thursday will see the usual Weekly jobs, Phil’ Fed’, Existing home sales, Leading indi’, and the Fed bal’ sheet (4.30pm).
Earnings: BJ, M, WDAY, INTU, ROST
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PF chart of the day
The computer is holding to a bearish target of the $33s.
GDX, monthly
Miners are lower for a fourth consecutive month. Note the key monthly 10MA at $35.02… which is my personal line in the sand. A Nov’ or Dec’ monthly settlement under the 10MA would merit alarm bells.
For now… still m/t bullish, with gold and silver both holding above multiple aspects of m/t support. Some dollar cooling, and/or ‘yield curve controls’ from the fed, sure would help swing things back upward.
Goodnight from London