It was a pretty subdued day in equity land, if leaning on the slightly weaker side, the SPX settling -16pts (0.5%) to 3335. Meanwhile, WTIC settled -$1.31 (3.2%) to $39.29.
sp’weekly1b
WTIC daily
Summary
sp: Weekly momentum is still prone to turning negative later this week, which will be a downward pressure into early October. Its frankly… difficult, not to see m/t support of the 200dma and monthly 10MA being tested in October, before resuming upward.
wtic: oil really struggled today, printing a low of $38.41. If sp’3100, major support zone of 32/30 could be expected.
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Looking ahead
Wednesday will see ADP jobs, Q2 GDP (print 3), Chicago PMI, Pending home sales, and the EIA Pet’ report.
Earnings: Novagold (NG)
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PF chart of the day
The computer has a pretty bearish target of the $107s. Right sidebar says $106s, but that is due to the $2 increment scale. See number top left!
Disney, monthly
Its been a mixed month for Disney, swinging from the 137s to 120s, and currently net lower by -4.9% in the 125s. Note the key monthly 10MA in the $120s. Any price action <120 would open the door to the computer’s $108s.. which would arguably sync with sp’3100.
Mandalorian Season’2 begins Oct’30th, and will be a VERY pleasing distraction from the election. I have spoken.
Goodnight from London