With the stock market today for 9-17-2019 the S&P 500 had a late move that pushed it into positive territory with a high of 3009. At the time of this writing the e-mini S&P 500 was at 3007.50.
The market had settled down from the weekend attack of the oil refineries in Saudi Arabia with no retaliatory attacks that have been reported.
There were not any major reports to come out today so that didn’t provide a catalyst one way or the other for the market. The biggest company to report earnings today was FedEx and it wasn’t good.
FedEx falls 7% after missing on earnings, lowering 2020 guidance
FedEx says it is lowering its full-year guidance for the fiscal year 2020 and now projects earnings between $10.00 to $12.00 per diluted share.
In August, FedEx announced it was ending its ground delivery contract with Amazon.
“Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty,” Chairman and CEO Frederick Smith said in a statement.
For oil, the trend line was broken that I spoke about yesterday and oil sold off from around $62.50 all the way down to around $58.75. It has now entered “the gap” territory that it created yesterday with its huge surge up.
I expected price to come back and start to fill that gap sooner than later. It has already started as Saudi Aramco has already started getting some of the lost production back online.
S&P 500 Chart
In the S&P 500 chart for the ES e-minis you can see the blue trend line I drew that showed the move up. Especially the move late in the day.
The black lines are the low and high for the day’s trading. When the price does come back to the trend-line it will be interesting to see if it holds or if it breaks.
But at least the market ended on a high note and has created a short term uptrend.
Crude Oil Chart
Oil took a big move down today as the chaos from the Saudi Aramco oil attacks cooled off. They have already started getting some of the production back online so it looks like the big loss won’t be as bad as it initially seemed.
The huge spike in price was just temporary as I mentioned yesterday and was/is a good selling opportunity as we wait for the gap it created to get filled.
Data for the Stock Market Today for 9-17-2019
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