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.
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 [...]
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 [...]
USO (crude oil ETF) has held on two successive tags of the 10.67 support level with the most recent tag confirming a divergent low (bullish). While an upside break of the pattern could spark a rally, I'm leaning towards another thrust down within the wedge that takes out the recent lows before a meaningful reversal. [...]
I returned home from vacation late last night & I have started the process of catching up on the charts this morning. Market updates, commentary & trade ideas will begin to resume as normal going forward & I should have caught up on all trading room questions & private messages by the end of today. [...]
The 11.84 level has been a key support/resistance level posted on my 60-minute charts since the first day of the month. Further validation of that level has come so far today as USO has struggled at that level all day so far. USO just took out 11.84 with a 1-minute stick close above (as I [...]