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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

    WTI Crude Oil Inverse Head & Shoulders Pattern

    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 [...]

    Aug 15, 2016 11:41am|Categories: Gold & Commodities|Tags: , |3 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

    USO Testing Key Resistance Level

    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 [...]

    Jun 20, 2016 10:50am|Categories: Completed Trades - Short, Gold & Commodities|Tags: , , |Comments Off on USO Testing Key Resistance Level

    6 Reasons Why The Energy Sector is Still Headed Lower

    Here are 6 reasons why it appears the energy stocks (via XES in this example) are still headed lower in the coming weeks. I remain longer-term bullish but near & intermediate-term bearish on the energy sector at this time including crude oil, XLE, XOP & XES. XES daily June 13th This chart is also a [...]

    Jun 13, 2016 3:20pm|Categories: Equity Market Analysis|Tags: , , , , , |4 Comments
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