sp'weekly1c - outlook
Summary
Suffice to add... market looks set for the sp'1970/90 zone, and that will probably drag into next week (keep in mind, the market is CLOSED next Monday).
A 2-3 week bear flag is very possible, before the market resumes powerfully lower.
On no realistic outlook does sustained price action back above the psy' level of sp'2000 look possible.
--
As for Oil....
*stockcharts is not showing the Tuesday intra low of $29.93 for some reason.
WTIC, monthly, 20yr
With the $30 threshold having failed, next support is around $25, back to levels last seen in 2003. Until supply is cut.. price will keep on falling. It is that simple.
--
Looking ahead
Wednesday will see the latest EIA oil report, Fed beige book (2pm), and the US Treasury budget.
*Fed officials Rosengren and Evans are set to appear.
-
Goodnight from London