It was a net bullish Wednesday, the SPX printing a new cycle high of 4391, if cooling back to settle +0.1% to 4382. Meanwhile, WTIC settled -$2.04 (2.6%) to $75.33
sp’weekly1b
WTIC daily
Summary
SPX: as things are, we’re net higher for the week by +24pts (0.6%). Weekly momentum is ticking upward, but remains negative. Bears should be looking for a weekly close back under the 10MA (4323) but that won’t be easy. You could argue its not that important… if you look back to late August/early Sept’.
WTIC: oil printed a new multi-month low of $74.91. A second close under the 200dma… which is bizarre to see, considering the ongoing middle east situation, which could easily spiral at any time. Next support is psy’ $70, and then the $67s.
More than anything, two words for next year come to mind… ‘Oil Embargo’.
It wouldn’t be the first time, and it’d be one non-violent way for the Islamic states to fight back against the west.
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Looking ahead
Thursday will see Weekly jobs.
Earnings: LI, NVAX, FVRR, YPF, YETI, TPR, PLUG, U , TTD, WYNN, PBR, CGC, ACB, NVTS
Event: Powell, 2pm, due at the IMF
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Final note
The latest from Mr Long. Get a coffee or something.
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Americans have long been content in the comfort of geographical security. It was impossible to imagine an enemy crossing an ocean to attack a nation armed with “a rifle behind every blade of grass.”
What we never anticipated was a global parasite worming its way into our soul. pic.twitter.com/w4zUxgp0uP
— James Woods (@RealJamesWoods) November 8, 2023
Its fine if you’re no fan of Mr Woods. What does matter though is your acceptance that the push for Agenda 21 (2030) continues. The foundation for such a dystopian hell is firmly in place. Now its just a case of whether the society/species will be able to resist the psychopathic class. On this… I’ve little hope.
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Armstrong is always worth a browse, not least a reminder on the recent history of Ukraine.
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He is furious, but the Celente ain’t wrong.
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Something that Financelot on Twitter says he’ll talk about, Wed’ in AH.
Clearly, we’re at a level where the equity bears should want to see it stop… and reverse lower.
Computer is holding to 3751. The timeline for that is arguably pretty s/t, as in ‘before year end’. I’d accept that merits as #crazytalk right now, but still… that is the ‘mechanical’ target from the stockcharts computer.
Goodnight from London