It was a very bearish end to the week, with a net weekly decline for the sp'500 of -79pts (3.8%) at 2012. The 'old leader' - Transports, imploded by -5.4% to 7524. Meanwhile, WTIC Oil saw a net weekly decline of -$4.52 (11.3%) @ $35.62, the lowest level since Feb'2009.
WTIC Oil, weekly2
sp'500 - price structure could be a giant bull flag... if so... new historic highs.. no later than mid January.
Transports - giant bear flag, confirmed, a fierce net weekly decline, now within range of the Aug' low of 7452.
WTIC Oil - the sixth consecutive red 'rainbow' candle... ZERO sign of a floor, as the supply issue remains completely unresolved.
Goodnight from London
*the weekend post will be on the US monthly indexes