US equities saw a late day spiral to print a new cycle low, the SPX settling -1.7% to 3789. Meanwhile, WTIC settled -$1.00 (1.2%) to $82.94.
sp’weekly1b
WTIC daily
Summary
SPX: This week’s candle is spiky on the upper side, indicative of sellers into the bounces. Weekly momentum has turned negative, and is going to be a problem into next week.
Soft target is 3700. If the June low of 3636 is taken out, its open air to 3400, as a semi-crashy move appears a threat before end month.
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WTIC: oil printed $86.68 on the Putin speech, but swung lower to settle in the $82s. Today’s candle is bearish engulfing, and leans s/t bearish. Support 77/76s. The higher dollar sure isn’t helping.
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Looking ahead
Thursday will see Weekly jobs, leading indicators.
Earnings: ACN, DRI, COST
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PF chart of the day
Computer has adjusted to a more bearish target of sp’3451.
SPX, monthly1c
Its arguable that the most natural target ahead of the midterms is psy’3000.
Anyone still ‘buying the dip’ is out of their minds, as this market is prone to becoming somewhat crashy.
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Final note
Broad economic chatter from Lin of Kitco and Hathaway of Sprott.
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Dore on the Ukraine war.
I recognise some of you won’t like it, but… it is… what it is.
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The drums of war
*note on the top left of the video, Sky ironically note its day’16 of the Truss admin’, and highlight the GBP/USD.
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The drums were distinctly louder today with Putin’s speech, but hey, lets be clear, the west is ALREADY in a war with Russia… a proxy war.
Lets also be clear about this… if you’re going to support someone (Ukraine) with weapons/resources… their opponent… will also see you as their enemy.
This certainly isn’t the first time, with the USA funneling weapons to the Mujaheddin (pre-cursor to the Taliban) in Afghanistan in the 1980s, to fight the Russians. Whilst that played a part in defeating the USSR, the ‘blowback’ (to quote Ron Paul) came to bite America in the ass in Sept’2001.
The Ukraine regime is infested with sub-human NAZI filth. Do you think supplying them with weapons, are not also going to eventually be used against the west?
Jimmy Dore recently did a video highlighting that Ukraine is SELLING some of the weapons that the west has supplied. Just who do you think (on the black market) is buying those weapons systems?
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My own nation… UK, is also continuing to support the Ukraine regime…
https://www.zerohedge.com/geopolitical/uk-spend-least-ps23-billion-supporting-ukraine-2023-truss
Like many political hacks, PM Truss will be delighted to see the attention kept on foreign matters, rather than domestic ones. Whilst the sheep struggle to afford food and heating this winter, Truss will be out there taking swipes at the ‘big bad Russians/Putin’. Hell, we’ve already seen the UK and USA leaderships blame Russia for high energy prices*
*Ironically, even many supportive of the Biden and/or Johnson leaderships, weren’t buying that nonsense.
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Chess would be preferred, but I’m guessing the millennials (largely psychotic, via C19 hysteria) would be especially supportive of global thermonuclear war… not least against Russia.
As I’ve said for some years… its a society/species not worthy of survival.
Goodnight from London
Yours… a primary (and valid target)