The week ended with considerable chop, if leaning on the positive side, the SPX settling +11pts (0.3%) to 3465, which made for a net weekly decline of -18pts (0.5%). Meanwhile, WTIC cooled by -79cents (1.9%) to $39.85, which made for a net weekly decline of -$1.27 (3.1%).
sp’weekly1b
WTIC weekly
Summary
sp: a moderate net weekly decline. Momentum ticked subtly lower, but remains fractionally positive. I would note the weekly 10MA at 3406… as the bears need a break <3400 to have confidence. For now… the m/t bullish trend remains very comfortably intact.
WTIC: oil printed a high of $41.90 this week, but settled back in the $39s, as major resistance of 42/43s is holding. The Sept’ $36s aren’t far down.
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Dear Subscriber
It was a week for the equity bears, but it was still nothing that gave any clarity that a correction is underway. For that, we need a break <3400.
Some perspective… SPX m1b
With five trading days left of October, we’re currently net higher by +102pts (3.0%) at 3465. Note the monthly 10MA at 3142, which is just above the 200dma (3128). I’d certainly try to keep open minded to a brief washout to the 3100/3000s, before whipsawing back upward.
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Meanwhile, over at Print Central….
The latest update showed a net change of +$25.8bn vs +76.8bn, taking the balance sheet to a new historic high of $7.177trn. The fed remain on standby to pick up another trillion or more of T-bonds… once stim’ bill 4 is agreed.
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Final note…
With the last debate out the way, we have a clear path to November 3rd. I think many, regardless of the outcome, will be glad to just get the election out of the way.
Life in the land of yours truly remains… a battle. Today was day’16… with no heating, and no running hot water. My tier’1 garbage landlord says it might be fixed next Monday. That will make for 19 days. I guess things could be worse, it could be December or January.
I’ve still desktop’2 to build, one day….. one day.
As ever, feel free to message me via Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’12pm EDT @ https://tradingsunset.blogspot.com, and will detail five of the US equity indexes (weekly candle charts).