[Video] Key Reversal Day for Oil, Copper Fails at Resistance
Matt Simpson July 7, 2021 3:49 AM
A stronger dollar and failed OPEC meeting wreaked havoc for oil prices yesterday, which printed an ominous candle at its 2.5 year high.
In today’s video we update our analysis on WTI futures, after it hit out bullish target at the October 2018 high. The FOMC minutes released at 19:00 BST has seen the dollar rise and further weigh on commodities, which saw an important reversal candle on copper prices. Therefore, the basic theory here is that should the Fed’s minutes present more details for tapering, it could strengthen the dollar, and further weigh on copper and oil.
We also update out analysis on America International Group (AIG) as it broke an important support level to suggest its next leg lower is finally underway.
S&P 500: Market Internals
S&P 500: 4343.54 (-0.20%), 06 July 2021
- Real Estate (0.85%) was the strongest sector and Energy (-3.2%) was the weakest
- 7 out of the 11 sectors traded lower on the S&P 500
- 154 (30.50%) stocks advanced and 351 (69.50%) declined
- 89.7% of stocks closed above their 200-day average
- 47.72% of stocks closed above their 50-day average
- 47.92% of stocks closed above their 20-day average
- + 4.69% - Amazon.com Inc (AMZN.OQ)
- + 3.06% - Generac Holdings Inc (GNRC.N)
- + 2.55% - ABIOMED Inc (ABMD.OQ)
- -7.03% - Diamondback Energy Inc (FANG.OQ)
- -6.52% - Halliburton Co (HAL.N)
- -6.35% - Occidental Petroleum Corp (OXY.N)
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