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:
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:
Bottomline: Great trading times.
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Categories: Daily Market Brief