By Markus Heitkoetter
Stocks ended the day slightly lower after another slow day of trading.
The S&P made a new intraday high early in the trading session. But an unexpected drop in Consumer Confidence sent stocks lower. At day’s end the S&P was trading at 2067, just 2.5 points lower on the session.
The DOW spent the session confined to the previous day’s trading range. The DOW ended the day just 3 points lower at 17814.94.
Keep an eye on Unemployment Claims and Durable Goods released tomorrow at 8:30am in addition to New Home Sales released at 10:00am. If these reports don’t get the markets moving we probably won’t see a whole lot of excitement for the remainder of the week. Remember that U.S. markets are closed on Thursday, followed by a short trading session on Friday.
Is Crude Oil (CL) getting ready to make another move lower?
Crude Oil is currently seeing support at multi-year lows. After a slight rebound over the last few days, CL dropped again and ended the open outcry session 2.23% lower.
A Power Crossover Method Sell Signal was identified on 2nd Oct 2014 and both our ADR Profit Target and crossover exit rules were met. With black bars over the last 4 sessions we’re currently seeing indecision in the market. This could change if we break support, or if support holds and we get a stronger rebound.