Bill Oils Down The Market
Energy prices are sharply lower Monday morning in response to
President Clinton’s release of 30 million barrels of oil from the Strategic
Petroleum Reserve. Although there was a great deal of uncertainty in the market,
there were technical signs of an impending drop. Unleaded gasoline left a Turtle
Soup Plus One setup three days ago and is following through to the downside. And
heating oil registered on the New 10-Day Low List,
hinting of downside momentum.
Natural gas is decoupling from the energy sector, reacting to
both freezing conditions across the Midwest and blistering heat in the
Southwest. The November contract is almost at the trigger of a (Cooper)
1-2-3-4 Pullback From Highs
setup, the high of the low pullback bar day.
An unusually high number of signals from the Market
Bias Indicators, five, suggested that stock index futures could move higher
Monday and S&P
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NASDAQ 100
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Dow futures
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Lean hogs are following through after a very bullish four-day
run. The contract is the leading contract on Momentum-5
List, which highlights this contract’s recent strength.
Yen futures are reversing off a 20-day low and trading right
at the trigger of a
Turtle Soup Plus One Buy
setup.
Meanwhile, the market is doubting the efficacy of the G7’s
intervention in currency markets to support a weak euro: dollar index futures
are making a comeback after getting battered on Friday and the euro FX
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PowerRating) is continuing lower after its initial jump Friday.