Markets – Macro – Technicals

Wednesday Market Brief

Market BriefVolatility galore and a pattern of lower highs and higher lows suggests a major move may be in the works.

Oil & copper are experiencing significant pressure to the downside and certainly are giving markets every excuse in the world to break lower. But they haven’t. Yet. The most popular view expressed on twitter is a heads & shoulders pattern which may be correct, but is really only pointing in one direction. At the risk of being too cute here I also see the outside chance of a diamond (if one takes the December 18 $SPY spike to be meaningful) which may break in either direction:

$SPY Diamond

Retail sales were a proper mess this morning and the $ES is playing with a potential double bottom. A red day 9 out 11 is in the works. Somebody better step up here:

ESD

Bottomline: Great trading times.

In the news:

ECB gets interim green light for OMT bond-buying from European court

Nerves Rattled in U.S. Equities as S&P 500 Volatility Turns Ugly

Arctic Explorers Retreat From Hostile Waters With Oil Prices Low

Moody’s: ‘Grexit’ likely to trigger renewed recession in the eurozone

Member Market Plan:

DeFib

 

 

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