US Makets have suffered for the second straight session of a heavy correction on the eve of triple witchng. This decrease was inspired by the fear of contamination of the European debt crisis to Wall Street.
A more credible scenario that rates have greatly strained throughout Europe (except France, where the ‘spread’ with Germany fell by 30pts-base after setting a record 200 bps).
The correction action was accompanied by a relapse of -3.7% of the price per barrel to $ 98.75.
Oil has been affected by the publication of an index ‘Philly FED’ (activity in the Philadelphia area) in unexpected contraction of 8.7 to 3.6 this month, against a consensus of 9 expected by economists .
With a wave of redemptions of short, indices resumed US 0.3% over the last 2 minutes of the session and 0.5% in the last quarter of an hour. Fortunately, because if Wall Street would have posted an overall loss greater than -2%. The Dow Jones lost to 9:45 p.m. 220Pts not yielded more than 135 Quote.The ‘S & P fell by -1.7% (instead of -2.2% to 9:30 p.m.) but does not preserve the very important support 1.220Pts and the Nasdaq lost -1.95% in 2588 (against 2.576Pts to 7:30 p.m.). The Nasdaq Composite was down significantly the MM100 (2.615Pts, a level that coincides with the former floor of June 17) and even the MM50 (2.590Pts).
The S & P 500 designs over the past 3 weeks a threefold decline in the top 1.285/1.275/1.265Pts: the breaking of the MM100 (1.225Pts) followed by a slide in 1.219Pts (formerly Zenith 1 and September 16) a valid clearly distressing scenario.
While some Chartists believe that the sinking of the ‘key levels’ mentioned above is the line thickness, do not forget that without the recent rebound in 2 minutes already mentioned, the signals would bear suffered ‘no ambiguity.