Here are a few charts we found last week of interest. Always good to keep some macro perspective in focus, even when trading intraday.
The Fed’s Reverse Repo Program (RRP) outstanding shows quarterly window dressing. You can read more about this action here.
We saw the first draw on US crude oil inventories in 6 weeks. This could support increased bullish sentiment in Crude in the short term at least.
The next chart shows bank share underperformance vs. the broader market (over the past 200 days). This is the chart that is the most troubling from a fundamental macro perspective. Quite the disconnect between S&P Banks and the S&P in terms of relative performance. One will have to move to the other in order to balance.
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