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Good Wednesday Morning, MPTraders! July 22, 2017-- Pre-Market Update:Today's session will be all about Oil Prices, the reaction of the indices to Oil prices, and the runway to big tech Earnings Reports from TSLA, GOOG, TXN, and NOW after the close...First Up: September Oil prices are climbing, which shouldn't be a surprise considering we have been discussing the bullish pattern potential for a run to 93-95 since last Friday... September Crude Oil is up more than $3/bbl and nearly 4% this AM, hitting a 6-week high at 88.61 so far as the advance from the 7/02/26 low at 66.
After taking the long road and making us wait for the expected break lower, the market is now sitting at the next key pivot/inflection point to the downside. If we can break through this region, it would provide further confirmation that we are indeed following the primary white count lower as part of the larger wave 3 of (c) down.With that said, until we see a break of this next pivot level, I still cannot fully rule out the yellow count.
In Case You Missed It…In general, the major equity indexes remain out of sync with trading volumes below average. Liquidity was slightly lacking on Thursday and Friday. SPX lost approximately 45 points this week and for now remains in its two month long sideways range. Of note is NDX, which did break below its sideways support level on Friday, closing just off the final hour low of the day: (notice the size difference between the candles leading into the top (controlled) and those after the top was struck)But again, SPX held support.
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