It‘s too early to say that Oil is range-bound here
|Semiconductors and tech sent S&P 500 sharply down – chips and China in focus, with ASML earnings failing to convince. Russell 2000 and other pockets of strength managed to move sideways as price spikes were rejected here too. Positive housing data and roughly a per latest expectations 20y Treasury auction failed to provide a relief rally into the close that would stick. Even mighty gold (my oasis within select sectoral picks shared with clients) suffered an intraday setback.
Best to have a look at this S&P 500 market breadth chart.
Precarious position where S&P 500 is sitting at a strong support (corresponding to $557 SPY with QQQ leading to the downside (well below analogical support), and XLC understandably joining too. Time to be wary, because if the support breaks, there is quite some quick room to the downside.
Let‘s mve right into the charts – today‘s full scale article contains 3 more of them, with commentaries.
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Crude Oil
It‘s too early to say that oil is range-bound here – I favor at least one more push lower challenging yesterday‘s lows. Given though the US uncertainty, I would favor such a distinct move to happen only next week – slow push to the downside (to $80.50 but not too below) is more appropriate for the current one.
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