By Chris Becker
A very mixed night on macro markets with news of the ECB pushing back on Greece’s modest proposal as they hold to their bailout conditions, as Euro-wide and US services PMIs come in on expectations with no surprises save some good news for European retail sales. Oil sharply reversed course on much bigger than expected gas inventories, flopping over by nearly 8% WTI and 5% on Brent markers.
The ECB announcement pulled the rug out from US markets late in the session as the S&P500 fell 0.4% setting up a short swing as it bounces off resistance (red horizontal line) and momentum rolls over:
