7/6 Recap. Oil Continues To Breakdown Fueling Equities

Well, Oil continued its move lower touching $95.xx this morning. If you look at my chart below you will see we had a perfect backtest of the trend this morning, rejected it and continued lower. All of the oil equities got slammed and it fueled a reversal in all of the tech names which continued after the fed minutes. Overall it looks like short term, we have a bottom, but Im not convinced this is for real yet. Im expecting a poor CPI print soon and overall data from Q2 being negative that shows we are in a recession officially. On the plus side, that data means the fed might not be able to be so hawkish going forward. Tomorrow we hear from Bullard and Waller at the Fed, and those 2 are notorious hawks.