Nov 152017
 

Concerns over the US Congress ability to pass new tax legislation is growing, weighing on stocks.  API reported yesterday that US oil stockpiles grew 6.5M barrels last week, a surprise coupled with an IEA report showing oil demand growth to decrease in 2018 are suppressing oil prices which are down about 4% since last week.  Today’s economic data includes CPI, Retail Sales and NY State Mfg Survey @ 8:30am EST and Oil Inventories at 10:30am EST which will be given extra attention today considering yesterday’s API report.  Volatility has been loosening up as the ES moves away from its 2594.50 all-time high.  Over the last 2 weeks, the 5-day ATR has increased from about 13 points to 18 points, nearly a 40% increase.  The 2562 area is a critical line in the sand area for the bulls to hold; otherwise we could see some significant downside action.  Overnight Size bias is short into the 8:30am EST numbers.

 

 Posted by at 7:19 am

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