Brent oil is in a continued and complex consolidation phase, says Maxine Viemont’s team at BNP Paribas. Risks are mainly on the downside with medium term targets at 96.75-88.50. With a succession of lower highs, a break below 106.85 would signal a more significant downward move.
A correction in the S&P500 is a question of when, not if, says Ari Wald at Oppenheimer. A narrowing of internal breadth has signalled an immanent correction as the number of net new 52-week highs on the NYSE has been in decline since March.
After developing bearish reversal signals last week, EUR/USD is set to test new support levels at 1.3725 and 1.3686 according to George Davis at RBC Capital Markets.
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Developed market (non-US) equities are bottoming versus US equities and are becoming an increasingly attractive asset class, according to Ari Wald at Oppenheimer. Since 2007 the MSCI EAFE index has underperformed the S&P500 by 35%.