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Monday Briefing

Crude oil is oversold - what does this mean for energy stocks?
S&P 500 and Bitcoin showing signs of weakness
FOMC meets this Wednesday to determine interest rate hikes
The next credit crunch will be credit card debt

Crude Oil

Crude oil hitting oversold levels - market is expecting a correction.

We're expecting energy stocks to follow in suit.

S&P 500 / $SPY

Premarket starting with a lower-low.

We could see the completion of the bearish Head & Shoulders pattern after price retests the neckline.

This price action doesn't come as a surprise around FOMC this week.

Market psychology couldn't print a higher-high and if the Fed raises rates again, that could trigger the bearish turn below the neckline on the H&S pattern.

Bitcoin / $BTC

Bitcoin price action has been very bearish.

RSI is showing overbought even though price failed to print a higher-high.

Hidden divergence on the RSI suggests that another dump may be on the horizon - just in time for FOMC.