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Market Oracle FREE Newsletter

Trading Lessons

Today's Turn Date May Influence the Markets

Forecasts / Financial Markets 2015 Dec 30, 2015 - 03:28 PM GMT

By: Anthony_Cherniawski

Forecasts

Good Morning!

The SPX Premarket is down 5 points as I write. That is not enough in itself to declare that the top has been made, but today happens to be a combined Trading Cycle and Primary Cycle Pivot. Confirmation may come with the decline beneath the 50-day Moving Average at 2066.04 and/or the 2-hour mid-Cycle support and trendline at 2061.18.


ZeroHedge reports, “With just two days left in 2015, the main driver of overnight global stocks and US equity futures remains the most familiar one of all of 2015 -crude oil, which, after its latest torrid bounce yesterday has resumed the familiar "yoyo" mode, and again stumbled dropping below $37 on yesterday's surprising API 2.9 million crude inventory build, as well several more long-term "forecasts" by OPEC members, with Kuwait now budgeting for $30 oil, while Venezuela's Maduro said the oil price fell to $28/bbl and is "headed downward."

As we warned yesterday, with oil equities reflecting an implied oil price of $65-70, this is hardly supportive of energy stock valuations.”

VIX is below its daily mid-cycle resistance at 16.81 and its 50-day Moving Average at 16.84. Once above both, VIX is on a confirmed sell signal again.

TNX has made its target this morning and may resume its decline shortly. The first evidence of that would be a drop beneath 23.00, the approximate location of its Triangle trendline.

Crude oil is in the news again this morning as the WTIC futures made a low of 36.71 earlier this morning. A new short signal comes at the Head & Shoulders neckline, but there are investors who have been short since the end of October and that signal hasn’t changed.

Regards,

Tony

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Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com

As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

Anthony M. Cherniawski Archive

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