For FullyInformed Members here is the Stock Market Outlook intraday chart analysis for the afternoon of Monday Apr 4 2016 at 2:30 PM
Two things are keeping pressure on the S&P into the afternoon, sellers who are taking profits and a drop in the price of oil.
Oil opened the day weak, then rallied a bit and then sold back down slightly. At mid-afternoon it is still trading just about $36 a barrel for WTI oil.
Sellers meanwhile are lined up at the 2070 valuation and keep taking profits keeping the market under pressure.
Stock Market Outlook – Afternoon Intraday Apr 4 2016
I am using the chart for the past 2 days in the S&P to give a better idea what is happening in the market place. The market is drifting lower after pushing above 2070 on Friday. This is not unusual but it is disappointing as much of the move lower is being caused by the drop of oil and sellers who are using the 2070 level to unload shares. Basically, every time the market shows a bit of weakness, investors who are waiting at higher levels to sell out, such as 2080 or 2090, decide they cannot wait and start to sell at every move above 2070. This type of selling brings in more sellers who fret that the market may not move much higher and they decide to get out now rather than wait any longer.
We saw this type of selling at the 2000 level, 2025, 2035, 2050 and the 2060 level. Investors remain nervous of the advance, particularly with so many analysts and doomsayers filling the media with their bear worries.
Here is the stock market outlook, intraday into the close along with the guidelines being used to assist in determining which way to be trading for the week …….the rest of this stock market outlook this afternoon is for FullyInformed Members.
Stock Market Outlook – Afternoon Intraday Chart Analysis – April 4 2016
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