The market continues to be lost with respect to a lack of catalysts. These days, that means moving lower as doubt opens minds to anxiety and fear.
There are a number of issues, but they don’t seem to have the heft that would justify the degree of weakness in the market.
I do think weakness in crude oil is weighing on the entire market. Just 24- hours ago the story was China reopening and adding to demand. But crude turned hard yesterday, and it continues lower today. Maybe this is the recession story personified.
I don’t know, but it’s not good.
Banks continue to move lower as well, which seems very odd. This is all pressuring the S&P 500, which is near a key support point of 3,945. If it can't hold off the pressure soon, we might see it fill that downside gap - note that wouldn’t be the end of the world, as filling gaps usually trigger directional reversals.
|Oil price lower good for lower business costs.|
Oil price lower good for consumers gasoline costs.
Oil price lower good for lower inflation.
Lower inflation good for lower Fed interest rate.
Lower interest rate good for stock market and home sales.
just the beginning etc
jerry on 12/6/2022 1:54:35 PM
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