After 20 or so points the S&P 500 is again back at resistance and seems to be powering out. I suspect if the market gets much through the trend line there will be some significant short covering. Until that happens I'm watching to see if a decline will start. "Don't buy at resistance; don't sell at support." The market should show us by tomorrow if it wants up....
Three failed attempts to get through clear resistance. Three candle tower top in last red area. The market has defied skeptics (me) but could finally break badly tomorrow.
The pair is nearing a significant support level of 1.24. Should oil surge tomorrow the pair may easily pierce the trend line. My suspicion is oil jumps tomorrow; so this pair drops.
After a long run to over 100 DXY is showing signs of hesitation as it tries to make a new high. The move from just above 96 has slowed in the last two full days with long-ish upper shadows. Clearly there is selling pressure. If it does drop below 96 the case becomes more bearish. If DXY does top it will affect oil inversely.
Shorting now. Stop loss above trend line.
Oil needs to get up to and through 54 - and then 55 - before bulls can start feeling more confident. The sell-off Wednesday continued Thursday on lesser volume but the decline from 54 looks like a pullback to me and not an impulsive move. So let's see if buyers come in Friday; I'm not sure it can happen. But I'm bullish and think oil will be higher in 18 months...
After a big run-up the USD/CAD has been moving sideways for a couple months. It has moved up modestly in the last 5 sessions after finding support at about 1.24. This rise has been slower than the three down red days preceding it so I look at this as a weak move. I'm watching to see if it will drop through support. If it does oil will likely be rising at the same...
3-4 months of hammering at a low. Starting this month well. Oscillators show oil had been even more oversold than 08/09 collapse. Trying to lift of long term rising support. Volume rose and peaked at the low suggesting capitation. Everyone and their dog knows the globe is oversupplied and there is no shortage of oil. Funny how at 147 the world was running out of...