Failing Bounces

S&P 500 attracted buy the dippers early in the US session, only for the larger factors at play to bring it back down – the reversal following 20y Treasury auction (as if 4.82% was anything to cheer, but the bond market provided a reprieve nonetheless) fizzled out before the day was over. The European bounce didn‘t reach any technically important levels before reversing, so I wonder whether a better shorting opportunity appears during the US session today (and by better I mean a high confidence one) – even one contradictory to hot Philly Fed manufacturing data.

 

Crude Oil

(Click on image to enlarge)

S&P 500 and Nasdaq

First tentative moves at bouncing, then undershoot of $81, is likely in the days ahead in oil, and oil stocks wouldn‘t be spared. Its upswings proved looking suspect and little more than short-term reactions to Mideast war drums.


More By This Author:

Stabilization Attempts
The Great Turn Called
Sea Of Red

Subscribe to Monica‘s Insider Club for trade calls and intraday updates.  more

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with