Egypt and the S&P

Strife in the Middle East, particularly in Egypt, sent stock markets lower and crude oil higher at the end of last week.

While smaller cap indexes have already technically broken intermediate term uptrend lines, large cap stock indexes like the S&P 500 (SPX) remain in uptrends.

It is often said that trend lines on price charts should be drawn with a crayon rather than with a sharp pencil (to avoid getting too excited when prices look to be pushing thru the trend lines). As such, it appears that we would have to see price weakness thru SPX 1260 before concluding that a significant trend change may be underway.

position in oil, SPX