My reply to my thoughts on crude oil in the trading room earlier today: Here’s my daily chart of $WTI & 60 minute chart of USO. Crude remains in free-fall after the backtest of the rising wedge of the daily chart on WTI. Only “potential” bullish developments that I see there are the oversold reading [...]
The outlook for the US stock market via SPY, QQQ & IWM as well as gold, oil & bonds via USO, $WTIC, GLD, GDX, TLT, JNK & HYG.
A look at the US stock market via SPY, QQQ & IWM followed by the outlook for GLD, GDX & the US Dollar concluding with an overview of various commodities such as oil & agricultural commodities & their related ETFs. The following securities are covered in this order: $NAAD, SPY, QQQ, IWM, GLD, GDX, UUP, [...]
Nothing new to report since yesterday's pre-market commentary as the major stock indices went exactly nowhere since gapping up to those resistance levels (SPY 214.05 & QQQ 118.00), clinging to those levels like glue throughout the entire trading session yesterday, followed by a very minor dip in after-hours into early pre-market trading today & then [...]
This video covers the charts of about half the stocks currently on my watch-list as potential long and short trading opportunities. The video begins very brief overview of the broad market as well as the breakout above the triangle pattern that was highlighted yesterday on the USO 60-minute chart. Following the USO commentary, the following [...]
USO (crude ETP) is approaching the apex of this symmetrical triangle pattern (60-minute chart) & could break either way. Although USO could reverse off either of the nearby support & resistance levels shown below (10.70 & 9.90), the direction in which this pattern breaks is likely to determine the next near-term trend in crude oil. [...]
I continue to monitor the potential Inverse Head & Shoulders Bottoming Pattern that was highlighted recently in the trading room. On watch for a continued move up to the neckline, ideally on above average volume, in order to finalize this potential right shoulder. $WTIC daily Aug 15th Zooming out to the bigger [...]