It was a typically bearish Thursday in equity land, with the SPX printing 3328, and settling -28pts (0.8%) to 3357. Meanwhile, WTIC settled +81cents (2.0%) to $40.97.
sp’weekly1b
WTIC daily
Summary
sp: Despite today’s broad decline, the SPX is still net higher for the week. On balance, Friday will likely settle net higher… if only a little. Its arguable that multi-week price structure is setting up a bear flag. A break <3300 would be decisive, and offer the mid 3100s. Momentum is set to turn negative by week commencing Sept’28th.
wtic: oil climbed for the 5th day of 7. Whilst the dollar was a help, the gains are surprising. An equity washout to the mid sp’3100s would arguably sync with oil 32/30 zone.
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Looking ahead
Friday will see Consumer sentiment.
It will be OPEX, so expect considerable chop into the weekend.
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PF chart of the day
The computer has a bearish target of the $99s.
Apple, monthly
A new historic high of the $137s, but if September settles <107, it will make for a VERY bearish engulfing candle. I would note the monthly 10MA in the $87s… just above Goldman’s target of $80. Certainly, giant psy’100 appears set to be tested within ‘some weeks’.
Goodnight from London