Equities ended the week with considerable chop, if leaning on the weaker side, SPX -11pts (0.3%) to 4488, which made for a net weekly decline of -57pts (1.3%). Meanwhile, WTIC settled +$2.23 (2.3%) to $98.26, which made for a net weekly decline of -$1.01 (1.0%).
sp’weekly1b
WTIC weekly
Summary
SPX: the first net weekly decline since early March. Weekly momentum ticked upward, but is threatening to stall from just below the key zero threshold. Some cooling to around 4400 appears probable before the Easter break.
WTIC: the fourth weekly decline of five, but price action is increasingly stable, if leaning on the weaker side. Oil bulls can argue price structure is a multi-week bull flag. Indeed, I’m still inclined to see a brief foray above the March $130s… if only to generate a multi-decade double top from around the 2008 historic $147s.
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Dear Subscriber (or Guest!)
… and that concludes another week at the world’s most entertaining, twisted, and rigged casino. Congratulations to the survivors.
Some perspective…
The SPX is currently net lower for April by -42pts (0.9%). Note the key monthly 10MA at 4507. Monthly momentum is increasingly negative, which should be an increasing problem into the summer.
The more bearish will continue to seek natural target of the lower monthly bollinger, currently at 3313, but that will be in the 3500s in June. My issue would be, even if we do get near/at that technical, on a subsequent bounce, will the market then stall from around the 10MA?
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Miscell things’
Macro econ’ and geo-political chatter, the Celente with the Schiff.
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Armstrong on Canada pushing Euthanasia…
As is often the case, a govt’ will be inclined to label those it doesn’t like as ‘crazy’ or ‘mentally ill’, and under the new terms, Canada could easily have those with views which don’t sync with ‘the narrative’ carted away, falsify documents, and literally killed off. Soviet Russia and modern China are both fine examples of regimes playing the ‘crazy card’ to remove political dissenters.
I am astounded at MAID, which goes counter to a century of psychology/psychiatry, never mind the more ‘new age’ therapies out there.
Again, its reflective of a society/species that continues to trend toward a dystopian hell… and I’d understand if some of you believe we’re already there.
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Yet more of the Celente, aka… Mr ‘mad as hell’. I don’t expect you to agree with some of his comments, or even like the guy, but he ain’t wrong on most things.
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Alaskan Prepper highlighting food price inflation. As I’ll continue to note, much like summer 2020 and 2021, we have a ‘window of opportunity’ until late Sept. Once we’re into the Fall, things will likely be far more difficult.
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The weekend
Its time to rest, although I hope to get a few things done, not least another attempt to install an SSD into my new laptop.
As ever, feel free to message me via Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’12pm EST @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (monthly candle charts).