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Wednesday Morning Pre-Market Comments

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 Oil Symmetrical Triangle Pattern

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. [...]

Sep 28, 2016 11:08am|Categories: Gold & Commodities|Tags: , |6 Comments

USO Crude Oil Update

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. [...]

Jul 15, 2016 3:12pm|Categories: Gold & Commodities|Tags: , |Comments Off on USO Crude Oil Update

USO Hits Key Support With Bullish Divergences

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. [...]

Jul 12, 2016 10:20am|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , , , , , , , , |Comments Off on USO Hits Key Support With Bullish Divergences
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