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SPX has made a daily reversal

Stock-Markets / Stock Index Trading Jan 03, 2017 - 05:22 PM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX has performed a daily reversal by retracing the decline to its cycle Top resistance at 2260.79. It may do a smaller degree retracement to 2253.00 before going lower. The next stop may be the 50-day Moving Average at 2194.98. It may decline past that level in order to do a retest from below.


ZeroHedge asks, “Confused by today's sudden intraday reversal in risk assets, which pulled the Dow Jones from up over 160 to barely in the green, while slamming Crude from up over 2% on the day to red?”

Crude made a rapid decline to the 52-handle this morning. This weekend I suggested that Crude was in the final stage of a retracement and was likely to begin its decline this week. It is on a sell signal beneath its cycle top at 53.52.

ZeroHedge reports, “ As the Dollar Index surged post-manufacturing data, WTI Crude began to lose altitude from its overnight ramp. Combined with ongoing concerns over Libya's production ramp, crude just crashed from over 55.00 to under 53.00 in minutes on heavy volume...

It seems the catalyst was the USD index breaking recent highs...”

Regards,

Tony

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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.

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