chartwatchers

OIL / S&P - Market overview

FX:USOIL   Crude Oil (WTI)
3512 18 66
3 months ago
Many of the beginners here are just trying to trade and watch one instrument. It's not a bad thing to trade only one vehicle in your whole life - though I think it's a bit boring - but you must watch the whole market .
It's the only way to be really successful and understand what's happening in the trading world.
The money we are hunting for is coming out of one instrument and moving into another one. After some time it's flowing back again. It's important to see these movements then you can have a better chance of predicting what's going to happen in that instrument you are investing your capital.

So today oil             seems to be starting the pullback. (This pullback is not for shorting because might turn, might be just a small one etc...) If you look at the SPX             you can see it's also below the 10EMA. Stocks after this never ending daily rally might have a chance to print a small DCL. This could be oil             and oil             shares chance to have a pullback and give the last opportunity for the late entries/ position adders.
I would like to see oil             testing back the 50 EMA (44.60 now) (most probably the 10 EMA will be there as well as they are crossing)
At the SPX             it would be nice to come down to the 50 EMA (2140 now) also but most probably we just break down the 20 EMA and that's it for the DCL. The buying power is too strong to have any seriuos decline here. And stock are getting oil             support also so who knows how far it will rally in the next weeks. I will try to get rid of my SCP and Nasdaq shorts as soon as possible.

I left my posts' signs on the chart.
Green: long posts
Yellow : Neutral/Caution posts
Red : Short posts.

I will post a DXY-Gold market summary as well. If the above post is correct the money will be flowing to gold             in the next 3 days especially if the dollar is dropping more today and tomorrow.
3 months ago
Comment: This is exactly what's happening right now.
ahneo PRO
3 months ago
thank you of the advice..
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Red_Carpet
3 months ago
thank you
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pradhan127
3 months ago
Thanks for the advice.. Shouldn't S&P drop when Gold goes up?
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jackcrudeoil
3 months ago
Hi chart...you are my guide and i follow you every day...what do you think about the pullback? you think that it is starting or the rally can continue until the end of this week? i have a long position with a good gain..what do you suggest...hold despite the pulback or sell and re-enter at the and of this?thanks a lot
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chartwatchers PRO jackcrudeoil
3 months ago
What vehicle?
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jackcrudeoil chartwatchers
3 months ago
sorry about oil
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bertcoin PRO
3 months ago
Takes a special kind of person to share this knowledge for free. I'm a believer in cycles (in everything) and international capital flows. In just a few months, you have taught me how to see, document and learn them in a number of vehicles much better than I was able to learn elsewhere. Thank you!
+2 Reply
johnmad PRO
3 months ago
Spot on with your Analysis.
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rere04
3 months ago
Seems like oil bounced back in a flash?
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AaronSwan PRO
3 months ago
Fed minutes will be out today to also cause pullback
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coder
3 months ago
Thanks! on the money as usual. You the man!
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MaxLapointe PRO
3 months ago
always great to read you!! thank you for the update
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kizly
3 months ago