The U.S. markets will be, are, were, closed on Monday due to the President’s Day holiday. Here’s hoping everyone has had a happy, safe extended weekend.
As to Index Support and Resistance for Tuesday, 2/16/2016. Mr. & Ms. Fickle Markets are certain to press issues with China’s growth, or lack thereof, global currency manipulation to achieve favorable export trade balances, … untried, untested, global Central Banks’ negative interest rate schemes, as well as focus on rising global crude stocks, and OPEC, as well as non-OPEC crude production … and more …
Oil prices have tumbled over 70 percent since mid-2014 as producers allegedly pump 1 to 2 million barrels of crude every day in excess of demand just as global economic growth stalls, led by China’s slowdown. In a global economy, using an estimated 90+ million barrels of various grades of crude per day, it takes 45 plus days to add ONE day of additional global supply.
CAUTION: OPEC may be deliberately overstating production, first, to get Mr. & Ms. Global Markets to assist in trashing and bankrupting non-OPEC, “high cost”, exploration and production companies, like US shale companies …; and, second, to give OPEC members a “no cut” cushion on their actual production to agree to … while the non-OPEC E&P companies shoulder the burden of actual cuts.
US Energy Information Administration (US EIA)
For both Bulls and Bears
- Index Support and Resistance for Monday, 2/8/2016
- Index Support and Resistance for Tuesday, 2/9/2016
- Index Support and Resistance for Wednesday, 2/10/2016
- Index Support and Resistance for Thursday, 2/11/2016
- Index Support and Resistance for Friday, 2/12/2016
- ( x) All Links can be opened in a new tab or new window …
- ( xi ) I will be returning and adding more related chart info including links to charts with daily, weekly, and monthly chart analysis
- It’s Black Friday for OPEC
- Chesapeake Energy Corp (NYSE: CHK)
- Correction, pullback, or Bear Market? Part 2
- Correction, pullback, or Bear Market? Part 1