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The Light Crude Continuous Contract closed at $66.13 a barrel Friday, after hitting an all-time high at $67.95 a barrel earlier in the day. Oil prices and economic data will continue to move the market. There are many important economic reports next week, which should generate a great deal of volatility, in the seasonally low volume market: Mon: None, Tue: Factory Orders, Consumer Confidence, and FOMC Minutes, Wed: Revised Q2 GDP & GDP Chain Price Deflator, and Chicago PMI. Article: The Light Crude Continuous Contract obstinate at $66.13 a case Friday, thereon hitting an all-time high at $67.95 a world earlier in the day. A week from Monday is Labor Day, which marks the end of the summer driving season. Consequently, I believe, oil hit a short-term top Friday or will top next week. Recent economic data show persistently high oil prices, moreover with higher interest rates, are slowing U.S. economic growth. Durable Goods Orders fell more or less 5% last month, and Walmart affirmed sales will be lower than expected. However, metier inventories are lean. A slower economy will lower demand for oil. The SPX daily cartographer less shows an orderly pullback in August. Currently, SPX is oversold enough to radar signal into the Labor Day holiday. Major support is enclosing 1,200, i.e. the 200 day MA, and Price-by-Volume bar. There are several major resistance levels working together to create strong resistance, i.e. the 10, 20, and 50 day MAs, the Parabolic SAR sell signal (red dots), and the Price-by-Volume bar, all midst 1,220 and 1,225. There's typically a bullish bias the week in anticipation a holiday, and over the first few days of a new month. However, the market has been selling into weekends (and into rallies last week), which is bear market behavior, it's a seasonally weak period, and SPX has open gaps at 1,174, 1,143, and 1,138. Oil prices and economic data will continue to move the market. There are many important economic reports next week, which should generate a great deal of volatility, in the seasonally low volume market: Mon: None, Tue: Factory Orders, Consumer Confidence, and FOMC Minutes, Wed: Revised Q2 GDP & GDP series Price Deflator, and Chicago PMI. Thu: Personal Income, Personal Spending, Unemployment Claims, Construction Spending, ISM Index, and Auto Sales. Fri: Non-Farm Payrolls, Unemployment Rate, and Hourly Earnings. The Dow Industrials were hit hard by high oil prices recently, and purblind hellishly 10,400 Friday, while Nasdaq held up relatively well. If oil prices top next week, DIA calls (and puts on some oil stocks) may be buys on pullbacks. Also, there are several Dow components that were hit particularly hard recently. Charts reachable at PeakTrader.com Forum Index Market Overview section. The MasterTrader eBook. - Your complete guide to active trading/day trading. Learn proven strategies and make money consistently! The Way To Trade. - A breakthrough approach to trading in any market (world beating affiliate program) Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |
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