Watching $CL here as took buy side liquidity twice but couldn't hold and is dropping back into the range, which leads me to think it might try for those lows.
The USD hitting equal lows here this morning. Some could argue there's a head and shoulders there as well. I'd look for markets to rally a bit if the dollar gives up that price.
Gave up the 50% retrace on this big pop from a bad ER. Swept liqudity today with a bearflag formation. I'd watch this to the 165's maybe 160's as all these stops get collected up for a possible run to the upside later.
This week has brought lots of volatility and economics events along with it. Tuesday brought markets down as CPI released with a hotter than anticipated Inflationary report, this confirms another big interest rate hike of .75-1.00 bps by the fed leading into next week.
The long battle with inflation is proving to be rather stubborn as consumer prices indicate...
As most of you know, $VIX measures volatility index. It is usually inverse to $SPX/ US500. We have been trading within this curved pattern in $VIX since COVID. Break of this monthly curved pattern will likely imply a change in market sentiment. Downward break would likely imply a bull run resumption. Bounce from this area would likely lead us back to lows. Heavy...
