The price of WTI crude oil futures are trading above the $83 level for the first time since November 17. The price high just reached $83.15. That's up about $2.60 on the day from the settlement price yesterday.
Looking at the hourly chart, the price also moved above the swing high going back to November 18 at $82.66, and the swing high going back to November 22 at $82.35. Those levels will now be eyed as close support. On the topside the 50% midpoint of the move down from the November 7 high comes in at $83.66.
The move higher in oil and the weaker data is taking some of the steam out of the US stock market .
- The Dow Jones is now down -270 points or -0.78%
- The S&P index is down -13.6 points -0.33%
- The NASDAQ index is down -37 points or -0.32%
It seems the reaction today is that the weaker data is not good for stocks – at least today. Interpretation can go either way depending upon the winds in the market. Weaker data good lead to a less hawkish Fed, higher unemployment, lower inflation. But weaker data can also mean lower earnings, and lower stock prices as a result.