In today’s briefing:
- S&P 500 Testing 3900 Support; Commodities, WTI Crude Oil Topping?; Buying Uranium, Ag Equipment
S&P 500 Testing 3900 Support; Commodities, WTI Crude Oil Topping?; Buying Uranium, Ag Equipment
- Key supports are currently being tested at 3900-3910 on the S&P 500, $293 on the Nasdaq 100 (QQQ), and $177-178 on the Russell 2000 (IWM).
- We see a bounce as possible at these levels, but breaks below these levels would virtually guarantee a test of the YTD lows — or worse.
- WTI crude oil is breaking below the critical $85 support level, confirming a major top in place. The Bloomberg commodity index needs to break $32.50 to confirm a major top.
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