SVET Reports
SVET Daily Market Update (Wednesday, December 7):
Wednesday's markets went sideways with NASDAQ ranging 10900 to 11050 (and BTC - 16700 to 16900), which forms a small ascending triangle on hourly indicating the possible technical correction after yesterday's debacle.
Today is no-news day on the macroeconomic side.
Mortgage Bankers Association of America (MBA) updated its series of the state of the housing market's indexes (f.e. MBA Purchase Index, which measures mortgage loan applications, went down to 175.5 from 181, which confirms the down-trend started by this index in January 2022 when it stood at ~ 310).
Additionally, Energy Information Administration (EIA) data showed US crude oil stocks decreasing from 419.084 M/barrels to 413.898 (by -5.187M, previous decrease was -12.58 and a forecast -3.305M). That is not surprising as the US internal oil production keeps growing on higher prices. Besides, oil stocks depends on many factors and its fluctuating within +/- 6M range is, historically, a pretty habitual occurrence.