Rolling Over
The tape is talking...
US stocks got hit hard on Thursday. The S&P 500 fell -1.5%, the Nasdaq dropped -1.7%, and the Russell 2000 led to the downside at -2.2%.
Oil surged nearly +10% after Iran’s new supreme leader declared the Strait of Hormuz will remain closed, and 3 more tankers were attacked overnight in the Persian Gulf. The IEA called it the largest supply disruption in history. Brent crude is now back above $100.
On Tuesday, I said to wait and let the market show its hand. 👇
And although the Bull Case scenario is not completely dead yet, evidence is mounting that we may be heading for another wave down.
The Rounded Top
Take a look at the S&P 500 daily chart. 👇
