Fear of the Unkown
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S&P 500 duly rallied on unemployment claims above expectations (soft landing), yet much uncertainty did strike since, and it was one-way down till the close. Once the dust settles (next week), it‘ll be possible to consider a swing long again, but as clients noted that at the onset of yesterday, I tightened stop-loss significantly while expecting less of a potential upside till non-farm payrolls.
Intraday calls for nimble traders had a fine success in both gains delivered, and outlook with our appropriate reaction correctly identified. That‘s even more true with respect to the bullish oil call with important support on 4 hour chart holding.
Why though such a vicious move in equities – and flight to safety first in oil, then in Treasuries? This is how I summed it up in our channel this European morning (chart provided for reference, but some equities‘ upswing following the data release, is still likely).
More insights follow in the chart section – and rich real-time commenting on Telegram and Twitter awaits too.
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Crude Oil
Crude oil saw a great intraday reversal, serving as a flight to safety – in fits and starts, it‘ll continue doing so, but today‘s disappointing decline from $86.90 prepares the ground for intraday consolidation on not sharply appreciating note. The upleg isn‘t though over just yet, and it‘s not driven by Mideast (solely).
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