[Video] Most bearish session in 6 months for crude oil, stocks lower
Matt Simpson March 19, 2021 5:03 AM
It wasn't a great day to be long oil with Brent and WTI crude falling over 7% as investors became increasingly concerned of lower demand with rising COVID-19 cases.
It wasn’t a great day on Wall Street either, with all major US indices falling in tandem led by the Nasdaq, which we look at in today’s video.
- We also catch up on gold as we suspect it has reached a near-term inflection point.
- The Russell 2,000 produced a second bearish engulfing candle in just three days from its record high. You can see the original analysis in Wednesday’s video.
- The Dow didn’t stay above 33k for long, quickly invalidating a bullish-flag breakout and producing a bearish hammer on the daily chart.
- Eli Lilly (LLY) has closed lower for five consecutive sessions and not looked back since gapping sharply lower last week. Its around half way to our bearish target discussed in Tuesday’s video.
- The S&P 500 fell -1.5% to a 6-day low, with the financial sector being the only sector post a gain. And no surprises to see the energy sector fall sharply in line with oil prices, with information technology hot on its bearish heels.
S&P 500 (-1.48%) 18 March 2021
- The index closed -1.72% below its 52-week high
- 188 (37.23%) stocks advanced and 317 (62.77%) declined
- Financials (0.56%) was the strongest sector and Energy (-4.6%) was the weakest
- 7 out of the 11 sectors outperformed the index
- 86.34% of stocks closed above their 200-day average
- 75.45% of stocks closed above their 50-day average
- 69.9% of stocks closed above their 20-day average
View recent videos:
The Dow hits 33k, palladium’s surge continues
Small caps stumble at the highs, WTI and gold look to the Fed
Nasdaq holding support, copper feeling its own weight
Gold to shine again? Euro stalls below 1.20
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