I’m getting ready to head back to the SF Bay Area, but i wanted to dash out a quick post. The best news of the day was crude finally – FINALLY!!!!! – broke support. I’ve been waiting weeks for this. Honestly, this is seriously big news. The bull market in energy that started January 20th is over. I can’t be more plain about it.
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I am in the final throes of trading/blogging with one arm tied behind my back. I’ll be back from my travels very late tonight. In the meantime, a quick chart that shows that WONDERFUL failure of crude oil, which is doing all kinds of good things for the energy shorts I entered this morning before the report came out. Huzzah!
ES didn’t quite make it to the double pivot support yesterday, though the low at 2066 was arguably a test of monthly pivot support at 2062.5, and might be close enough. Obviously the SPX daily middle band held as support at the close and the intraday low was at a test of the 50dma. Can we see more downside?
Maybe, though the obvious next move on the SPX daily chart points to a retest of the 2108 high, and on a sustained break above 2108, to megaphone resistance in the high 2120s, and that may well be the target for this move up from yesterday’s low. In effect that would be a test of the all time high at 2134. SPX daily chart: