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Last week finished pretty much to plan, with SPX starting the test of the H&S neckline and everything going as expected. Obviously that H&S neckline needs to break this week, ideally early in the week and without a huge rally that might put the H&S scenario in doubt. SPX 60min chart:
Good morning (technically speaking), everyone,
Crude continues to be strong, this time driven by mayhem in Nigeria and Venezuela (which I find oddly more comforting than if it were central bankers doing the meddling). The next important level to watch is 47.93, the former “lower high”, which also corresponds quite closely to what would be a bullish breakout of the wedge. I hope this doesn’t happen, but that’s the level to monitor!
