I don't usually do market sentiment. I have been a TA only person. But, to better understand the market I am branching out a little. Does anyone else have some commentary they would add? I know my narrative is fairly basic at this point.
Oil got sold hard out of the gate in today's New York open after being bought up out of a long period where buyers and sellers were in agreement.
I'm looking for price to come back closer to that consolidation near the bottom of the channel in the lower shaded grey box.
Price is coiling up like a spring at the moment, but I think the peak just near it to the left will keep buyers shy.
The big players want price to go down so they can buy back the shares they sold this morning for a cheaper price.
Correlated markets of :Canadian Dollar and the S&P500 :: CAD is running at the top of a slowly climbing Daily Range. S&P is coming out of a brief correction, and trending gradually upward in the NY session.
Just reading it to myself, it sounds pretty simple for lack of a better term. I'm not sure it was super useful, but I will start doing it more.