Video WTI Weighed Down by Over Supply Concerns Silver Finds Support

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By :  ,  Financial Analyst

 

The Iranian President all but confirmed a deal with the US will be made, although European heads have pushed back against its likelihood and the US is yet to confirm any such deal. Therefore, if a deal fails to materialise, oil prices are at risk of ripping higher. But in today video we look at WTI futures to highlight key levels for a bearish scenario, would likely requires confirmation of some sort of deal (or simply the concerns to remain that one is around the corner).

We also take a look at spot silver prices, which are trying to build another level of support in its bullish channel. Then we wrap upon NZD/JPY as this is one to watch should appetite for risk sour for whatever reason. The technicals suggest a top may be forming, but we just need a catalyst to push it lower.


S&P 500: Market Internals


S&P 500: 4159.12 (1.06%), 20 May 2021

  • Information Technology (1.86%) was the strongest sector and Energy (-0.12%) was the weakest
  • 3 out of the 11 sectors outperformed the S&P 500
  • 1 out of the 11 sectors traded lower on the S&P 500
  • 355 (70.30%) stocks advanced and 150 (29.70%) declined
  • 91.68% of stocks closed above their 200-day average
  • 69.7% of stocks closed above their 50-day average
  • 49.9% of stocks closed above their 20-day average

Outperformers:

  • + 8.53%   -  Enphase Energy Inc  (ENPH.OQ) 
  • + 7.37%   -  Hormel Foods Corp  (HRL.N) 
  • + 4.61%   -  ViacomCBS Inc  (VIAC.OQ) 

Underperformers:

  • -7.01%   -  Ralph Lauren Corp  (RL.N) 
  • -4.06%   -  Discovery Inc  (DISCK.OQ) 
  • -4.01%   -  Gap Inc  (GPS.N) 


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