Oil: The odd one out?

In line with the pressing circumstances I told you about on Jul 29 at my site, today's report will have to be way shorter than usual, and focus only on select charts so as to drive position details of all the five publications.

Let‘s move right into the charts.

S&P 500 and Nasdaq outlook

S&P 500 keeps going sideways, but the indicator view suggests increasing vulnerability to a bear raid – just as much as in the tech sector, which wasn‘t outrageously helped by the risk-off start to this week.

Credit markets

Credit markets turned ugly yesterday as the HYG dive shows. Quality instruments outperformed in what could be prelude to selling pressure in stocks emerging.

Gold, silver and miners

Gold holding ground is a testament to the risk-off sentiment in the markets – through these lens, miners‘ underperformance better be viewed. The whole PMs sector tiptoes at the moment, remaining stabilized.

Crude oil

Yesterday‘s downswing without a noticeable rebound attempt, highlights the downside risks for oil. Energy sector didn‘t convince either, and the bulls are likely to remain under pressure. Good call to have taken profits off the table today.

Copper

Copper keeps being relatively resilient in face of steep downswing in commodities overall. At the same time though, it had been underperforming woefully since early Jun, and therefore remains vulnerable to another dip should broader selling in real assets reemerge. And indeed, the profitable stop-loss has been triggered, resulting in further gains. Check out the portfolio chart on my homepage.

Bitcoin and ethereum

Ethereum outperformance is encouraging, but Bitcoin has to find a floor in the recent flag- approximating pattern, which would mark the positive turn‘s continuation in cryptos.

Summary

In place of summary today, please see the above chart descriptions for my take.