Looking ahead

It was a day of mostly minor chop in equity land, with the SPX seeing a low of 2955, but settling +8pts (0.3%) to 2973. Meanwhile, WTIC swung from $59.43, to settle -$2.84 (4.8%) to $56.25.

sp'weekly1b

WTIC daily

Summary

sp: regardless of how the remaining 1.5 trading days of this week proceed, its been a bullish week, having yesterday broken a new historic high of 2977. Note rising trend, currently offering support in the 2790s, and that will rise to the 2870s by end July... when the fed will initiate rate cut'1.

wtic: First, keep in mind yesterday's black candle, which saw a spike high of $60.28. It was a rough day for oil, as resistance zone of 60/62 held, with oil spiraling lower to $56.09. Today's candle offers zero sign of a s/t floor. Psy' 50 is a natural price magnet. Further, note the macd cyclical rollover.
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Looking ahead

Wednesday will see ADP jobs, intl' trade, weekly jobs, PMI/ISM serv', factory orders, EIA Pet'

*EARLY CLOSING* 1pm EDT
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For the guests out there, I hope I made today at least fractionally more interesting than it otherwise would have been.

Yours truly will resume (Cloudflare permitting) tomorrow at http://subscriber.permabeardoomster.com, with the pre-market brief at 8.30am.

Goodnight from London
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One of the bizarre quirks of celestial mechanics