Index Support and Resistance for Monday, 2/15/2016

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

SELECT SECTOR SPDR ENERGY FUND (XLE) (d-w-m) (p2)

 Related previous XLE analysis:

 

——  Monday, 2/8/2016 thru 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

 

Please read:

 
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