Crude is resting perfectly at its Fibonacci level. If we bounce – – and the 10:30 EST weekly report might give us cause to do so – – the logical path would be to the higher Fib level at just about $45.
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The Yen Trend
Besides crude oil, there actually is one other market which has been relatively steady, and that is the cross-rate USD/JPY. There was a time not long ago that US equities and the Yen were utterly joined at the hip. For instance, as I’m typing this, the USD/JPY is down 1.33%. In the before-time, that would have meant the ES would be down, oh, about 27 points or so right now. What is the ES doing? Oh, it’s unchanged. All the same, the Yen is still our friend:
Slip and Slide
The one consistent market we’ve got on our hands, and one I’ve been crazy-bearish about all summer, is crude oil. We’re approaching the next Fibonacci level at 42.79. We’ll see if it bothers pausing or not.
Fed Ahead
As a reminder, this Wednesday is one of the year’s eight FOMC days in which, yet again, we sit up and wonder whether (a) the Fed will inch interest rates up a miniscule amount, thanks to the oh-so-fantastic global economy or (b) the Fed will do absolutely nothing, telling us for the 972nd time that they are data-dependent. Good Lord, how can you even stand the suspense?
Meanwhile, the only thing happening on my screen that is even a little interesting is that our friend crude oil continues its gentle, consistent downtrend, and quite remarkably, for the 7th day in a row, its low and high are both lower than the previous day.
