Crude oil prices took a nosedive on Wednesday afternoon when the EIA published its latest supply data. Although this showed that crude stocks fell by a good 3.9 million barrels last week (which was the first decline since early January), oil prices were unable to advance any further than they already had.
We could have a new all-time high in the Nasdaq as soon as tomorrow. I don’t put the same weight about all-time closing highs that some technicians do but the highlight of the week was the closing high for the Nasdaq.
European banks are still out on holiday today, but most major markets are open and today’s reaction to Friday’s disappointing U.S. jobs report shows that the market is pricing in a lower probability of a Federal Reserve rate hike in Q3.
The second half of the North American trading day wasn’t too compelling if you were watching charts as a healthy portion of traders were likely taking extended lunches to enjoy the start of the NCAA Tournament.
It’s very deceptive of the market to have stalled 6 points short of the goal line, kind of like what Pete Carroll did in the Super Bowl. But unlike the Seahawks, the SPX gets another chance at pay dirt.