It was a day of considerable (if not somewhat tedious) chop, with the SPX settling -7pts (0.2%) to 3687. Meanwhile, WTIC settled -95cents (2.0%) to $47.02.
sp’weekly1b
WTIC daily
Summary
sp: I would note the weekly 10MA at 3578, and is climbing by around 25pts a week. Upper bollinger is offering the 3763s, and that will be close to Tom Lee’s 3800 target into year end.
wtic: a second day of cooling for oil, pressured by the main market, but perhaps more so… the rebounding dollar. Broadly, psy’50 remains set to be broken above, and then onward to secondary of the $52s.
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Looking ahead
Wednesday will see Pers’ income/outlays, CPI, new home sales, and consumer sent’
Earnings: PAYX
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PF chart of the day
The computer is holding a very bullish target of $36.50.
Mosaic, monthly
Whilst Mosaic is currently net lower for the month by -4cents, that is from a new multi-month high of $21.87. Soft resistance is the upper bollinger in the $26s. Major resistance 35/36s… which is ‘curiosily’ around the PF target. For those that believe Mr Inflation is coming in 2021, its a valid consideration.
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Final note…
We’ve just 1.5 trading days left before the 3.5 day break. I’m tired… and whilst a break will be welcome, as I occasionally note on Twitter, the red/green flashing boxes are a pleasing distraction from the insanity of these times. I’ll have to find some movies to keep my mind off the society I am surrounded by.
Denniger’s latest is yet another must-read…
http://market-ticker.org/akcs-www?post=241002
… and I’d also recommend the comments, some are very provoking indeed.
Goodnight from London