It was a day of swings for US equities, with an early high of sp'1947, but then rapidly cooling to 1914, and settling +15pts @ 1938. Near term offers further upside to the 1970/90 zone. It should be clear to most though, sp'2000 is now a powerful brick wall of resistance.
sp'weekly1c - outlook
Suffice to add... market looks set for the sp'1970/90 zone, and that will probably drag into next week (keep in mind, the market is CLOSED next Monday).
A 2-3 week bear flag is very possible, before the market resumes powerfully lower.
On no realistic outlook does sustained price action back above the psy' level of sp'2000 look possible.
As for Oil....
*stockcharts is not showing the Tuesday intra low of $29.93 for some reason.
WTIC, monthly, 20yr
With the $30 threshold having failed, next support is around $25, back to levels last seen in 2003. Until supply is cut.. price will keep on falling. It is that simple.
Wednesday will see the latest EIA oil report, Fed beige book (2pm), and the US Treasury budget.
*Fed officials Rosengren and Evans are set to appear.
Goodnight from London