Abundant Crude Stocks Drag SP500 Down – Short Positions Suggested
U.S. stocks retreated on Wednesday morning, extending the losses to a second consecutive day. At the time of writing, the S&P500 index fell 0.36%, weighed by the weakness in energy shares.
The energy sector was the worst performer among 10 sectors making up the index, dropping 1.61% following a report from the U.S. Energy Information Administration that indicated domestic crude inventories rose by 2.3 million barrels in the week ended Aug. 26. Economists had forecast the report to show an increase of only 1.1 million barrels.
Sell Stop at 2164.00, Take profit at 2158.00, Stop loss at 2169.00