Short entry: 2074-2086
Stop loss: 2095
1. Target: 2033
2. Target: 2015
3. Target: 1915
First negative news today:
Crude Extends Losses After Bigger Than Expected Inventory Build Trumps Production Slowdown
Oil falls as Saudi oil minister plays down prospects for output cuts
Peter Thiel Says Everything Is Overvalued: "Public Equities, Houses, Government Bonds"
P.S. The blue, gray and green lines are monthly and yearly
P.P.S. Indicator example is the full oscillator with the settings from http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:stochastic_oscillator_fast_slow_and_full
This week could be the peak as the oil story starts to get bearish again:
"Wall St. flat as strong earnings counter fall in oil"
"U.S. stock indexes were little changed on Wednesday April 20, 2016 as encouraging earnings reports offset oil prices sliding on renewed concerns about global oversupply.
Crude fell about 2 percent after Kuwaiti oil workers called off a strike that drove up prices and helped the S&P 500 breach 2,100 on Tuesday, about 30 points shy of its record high.
(...) Nadia Lovell, U.S. Equity Specialist at J.P. Morgan Private Bank expects the market to edge up on Wednesday, but cautioned that investors remained wary. First-quarter earnings at S&P 500 companies are expected to have fallen 7.6 percent on average and revenues are seen dipping 1.3 percent, according to Thomson Reuters I/B/E/S."
"Declining issues outnumbered advancing ones on the NYSE by 1,369 to 1,249. On the Nasdaq, 1,187 issues fell and 1,001 rose."
- Wall St. flat as strong earnings counter fall in oil (Apr 20, 2016 09:55AM ET)
The S&P 500 has started the decline I had envisioned. Question is if the downtrend accelerates in the next two weeks or if it first reverses with a bounce - as I predicted eight days later here: