Good Morning,

The U.S. stock market indexes lost between 0.1% and 0.04% on Monday, as investors reacted to economic data, quarterly earnings releases, among others. Yesterday we saw a fight between Apple stocks wanted to go up, and the oil companies that wanted to go down, but finally the indexes ended without any change. Concluding, the broad stock market extended its short-term consolidation on the first day of the week, as the S&P 500 index remained below its resistance level of 2,150. For now, it looks like a flat correction within a downtrend.

Today the European Markets were slightly higher with investors focused on another batch of corporate earnings as well digesting some positive economic data from China. But the political instability regarding the U.S. presidential election remains a concern among investors with only one week to go until voters head to polling stations. Is important to know, that all the markets want Hillary.  If Clinton wins, all the technical resistance will be broken. It’s a rage that needs to happen, and it will be next to impossible to deny where the blame lies.

Meanwhile in the commodities, OPEC approved a document on Monday, where its members achieved consensus on managing production. The gist of the agreement is not specific and is essentially not an agreement at all, and market participants, who are already skeptical of any deal, have even lower confidence now. Oil prices are falling nonetheless on no production deal in sight.

Crude fell below $47 today, and position disclosure this week will likely show more longs slashing positions, with shorts potentially reentering the market.

British Petroleum

BP has reported net profit for the third quarter of $1.62 billion, trouncing consensus expectations of $686 million, but still only delivering around half of last year’s result for the period. Production for the quarter was in line with the consensus figure of 2.11 million barrels of oil equivalent per day while net debt at the British oil and gas major rose to $32.4 billion versus $25.6 billion a year ago. Earnings per share of 8.56 cents came in far ahead of broker estimates of 3.31 cents and BP is set to maintain its dividend at 10 cents per share. Shares fell 3 percent and the next point of support can be at 463.00.

bp

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S&P 500

The S&P 500 index continues to trade below its resistance level of 2,150. There has been no clear short-term direction so far. The next resistance level is at 2,170-2,180, marked by some previous local highs. On the other hand, level of support is at 2,130, and the next support level is at 2,115-2,120, marked by previous local lows. The market continues to trade along medium-term upward trend line, as the daily chart shows.

sp500

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MarKos

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