Did Oil's Decline Take the Stock Market Down?
If oil has been leading the broad markets lower, should it find support at $84 and reverse, that could presage a reversal in the broader market.
Did the sharp sell-off in crude oil trigger the meltdown in stocks? While there are plenty of potential reasons for the stock market to drop--stretched valuations, the slowdown in Germany, Japan and China, etc.--it occurred to me that the recent sell-off in crude oil might have served as a trigger.
Interestingly, though the SPX continued slogging higher after oil rolled over, the MACD of SPX began declining in July along with oil.
Crude oil has declined to possible support around $84, and the stochastic has turned up, signaling a potential reversal.
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