Wall Street slides again
Wall Street slid further in holiday-shortened trading on Friday amid more signs of a global economic slowdown. UK shares dropped ahead of the weekend Brexit summit while oil prices slid further toward $50 per barrel.
US30USD Daily Chart
The US30 index fell for a second straight day during the US Thanksgiving period. First indications are that US futures may be attempting a bounce this morning
While the index fell, it still failed to move below the October low of 24,066. Daily momentum indicators may be starting to shift from a bearish standpoint
No first tier US data today. The Dallas Fed manufacturing index is expected to slip to 25.0 from 29.4 in November.
DE30EUR Monthly Chart
The Germany30 index closed higher on Friday despite disappointing European PMI data. French, German and Euro-zone Markit manufacturing PMIs all came in below forecast, but managed to hold above the 50 mark
The index continues to pivot around the 55-month moving average at 11,219 after hitting a monthly low of 9.512 earlier this month
More economic disappointment is possible today as the German IFO expectations index is seen slipping to 99.2 in November from 99.8. This would be the third month of declines.
WTICOUSD Weekly Chart
WTI slid to its lowest level in eleven months on Friday amid reports of higher production from Saudi Arabia this month
Friday’s fall meant that prices have fallen for seven straight weeks, with a total slump of 35% from October’s peak. Fibonacci support level at $49.39, 78.6% retracement of the June 2017 to October 2018 rally
Saudi Oil Minister said Saudi will respond to market demand for oil and will not flood oil market with supply. November output was 10.7M bpd.
