claydoctor
Short

OIL and SPY together again

AMEX:SPY   SPDR S&P 500 ETF
31 0 2
It may also be this, a completion and yet again a three driver pattern in SPY             , dictated by the price of oil             . However, could the oil             price be a BEAR FLAG in a huge ABCD pattern , breaking the bottom channel support line next completion of the three driver pattern? The MACD and RSI of Oil             daily are overbought, and are most likely heading to the support line shown here. But even the third driver to complete is very uncertain. The previous three driver was at the end of a huge bearish down trend, so conditions are DIFFERENT now, and three drives may not complete. Looking for an unknown             catalyst here during this consolidation period. It may be the green box which is the next earnings season. Alcoa             reports on what would be the next top, the top pf             the third driver, and based on earnings, do we break the support this time? I think we do, but just IMO. And there is an April FOMC mtg             in April. Yellen trying real hard to keep the markets calm, why trying so hard, why now? Maybe she knows this "earnings" is going to disappoint big time? So as we hear the disappoints, we remember, the FED has it under control, Yellen will do whatever it takes to keep this market up, finger on the pulse, do not worry, keep calm, "all is well". Really? The world has many parts, most of which she cannot control...Greece, Middle East, currency wars and rumors of wars, etc. How long can our economy continue to absorb the woes of the world and the dollar keep rising without that effect hurting the US companies profits? This earnings season will TELL.
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