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As of today’s close, the S&P 500 Index (SPX) is currently in the ‘jaws of the alligator’ — Williams Alligator, to be precise, which is formed by three moving averages, each offset into the future — as shown on the following daily chart.
All three moving averages are curling down and the upper one has just crossed below the middle one…hinting of further weakness ahead. Today’s low touched the lower MA, which roughly converges with the 23.6% Fibonacci retracement level. A break and hold below today’s low of 2964.40, together with the crossing of the middle MA below the lower MA, could send the price down to the next Fibonacci retracement level (40%) at 2835, or even the 50% level at 2712.
Euronav NV is the world’s largest listed tanker company. While the analysts’ bias is overwhelmingly positive we observe negative factors across its book and income-power components. We are agnostic on the tanker market however the company’s balance of risks deserves attention.
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Well, I guess last Thursday scared the hell out of the traitorous criminal Jerome Powell, who has redoubled his pledge to illegally buy up corporate bonds with impunity. The billionaire Larry Fink, the direct beneficiary of the Fed’s largess, couldn’t be happier.