Crude Oil has been bearish since June, as central banks picked up the pace of rate hikes and the global economy headed into recession. But, the

Crude Oil H1 Chart – The 100 SMA Turned Into Resistance

The bullish momentum seems to be over now

US September Retail Sales Report

• US September retail sales 0.0% vs +0.2% expected
• August sales were +0.3%
• Core sales ex-autos +0.1% vs -0.1% expected
• Prior core sales were -0.3% (revised to -0.1%)
• Control group +0.4% vs +0.3% expected
• Prior control group +0.0% (revised to +0.2%)
• Sales ex-autos and gas +0.3% vs +0.3% prior (revised to +0.6%)
• Gasoline stations -1.4% m/m vs -4.2% prior
• Retail sales YoY unadjusted for inflation +8.2% vs +9.4% prior

Last month, auto sales carried an otherwise mediocre month. This month, motor vehicles and parts fell 0.4% while other drags were furniture and appliance stores (-0.7%), electronics stores (-0.8%), and building material stores (-0.4%). Grocery stores rose 0.4% and clothing was a surprising source of strength at +0.5%. The market reaction to this report has been minimal.