Equities caught a bounce, with the SPX printing 3476, and settling +16pts (0.5%) to 3443. Meanwhile, WTIC settled +64cents (1.6%) to $41.70.
sp’weekly1b
WTIC daily
Summary
sp: A bounce day, but the gains were shaky across the day, and especially into the close. Weekly momentum is starting to tick lower, and how this week settles will very much determine how next week trades. There is threat of a major divergence to the August momentum high. I could almost start to understand if some start to seek the 3100/3000 zone.
wtic: oil is above the 10, 50, and 200dma, but broadly… price is stuck under major resistance of 42/43s. Recent cooling in the dollar has clearly helped prop up energy prices.
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Looking ahead
Tuesday will see EIA Pet’ report, and the Fed Beige book (2pm)
Earnings: ABT, VZ, ERIC, TMO, WGO, BIIB, NEE, TSLA, CMG, LRCX, XLNX, WHR, ALGN, CSX, NTGR, DFS
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PF chart of the day
The computer has a very bearish target of the $161s.
MSFT, daily
Microsoft settled +0.2% to $214.65, and that made for a black doji candle, which is effectively sitting on s/t rising trend. A break appears probable on Wednesday. I would note the Sept’ low of the $196s, as momentum is set to turn negative in 1-2 days. A key stock to watch, as a guide for the main market.
Goodnight from London