This is both a market that is in a rush to go nowhere and simultaneously a puffed up bag of air ready to be taken away with the next breeze. Using technical analysis would literally be like trying to predict the next breeze based on the previous one right now because there is no substance to any of the moves. So I'm just going to draw some lines.
We seem to be in a good place. Dollar is getting stronger which puts downward pressure on oil. We'll probably be floating until next week when the most impressionable traders will be looking to see the immediate effects of the FED announcement on various futures. We are so beaten down that currently, we should be back in the $460s before September but that's only to say that currently, Wall St is weaning itself from any correlation to events in Ukraine and that fears and overseas market disruptions have caused us to be so oversold that near-term inflation and rate hike fears would actually be bullish for the market. Unfortunately, in a month or so, Eastern European countries will even forget about Putin's invasion even though Ukraine will still be in disarray.
We seem to be in a good place. Dollar is getting stronger which puts downward pressure on oil. We'll probably be floating until next week when the most impressionable traders will be looking to see the immediate effects of the FED announcement on various futures. We are so beaten down that currently, we should be back in the $460s before September but that's only to say that currently, Wall St is weaning itself from any correlation to events in Ukraine and that fears and overseas market disruptions have caused us to be so oversold that near-term inflation and rate hike fears would actually be bullish for the market. Unfortunately, in a month or so, Eastern European countries will even forget about Putin's invasion even though Ukraine will still be in disarray.
I usually try not to tell you what to do -- too crowded there. I'll point out what price points/trends/patterns the pros are looking at and let you interpret what that means for your portfolio.