Last Week Recap

Last week the US stock market closed relatively unchanged after weeks of selling, Dow was up +0.4% while the S&p 500 was up +0.02% for the week. Markets are still jittery as investors digest the minutes from Fed’s September meeting but strong earnings from banks managed to put the brakes on the recent declines. Crude oil (WTI) prices slumped -2.9% last week as tensions between the US and Saudi Arabia escalate. US President Donald Trump speculated that “rogue killers”, and not Saudi officials may be responsible for the sudden disappearance of the US-based journalist, Jamal Khashoggi. President Trump has previously claimed that he will impose penalties on Saudi Arabia if they were found to be responsible for the journalist’s disappearance.

On the technical front, price bounced off the 25000 support and went back to test the 25800 resistance. We expect the price to be range bound between …