Since I’ve been having an unexpectedly grand old time being a SNAP permabear, I thought I’d share some thoughts this Friday evening about the nature of a financial instrument which basically does nothing but go down.
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I’ve mentioned crude might fight its way back to $52 before falling again, but it might not even muster that much strength. Using the USO as a guide instead, I’ve put a horizontal line at a gap that I believe is also potential resistance.
Remarkably SPX/ES is still in the same inflection point it was yesterday afternoon. I had expected to see some resolution either up or down on ES overnight but no, so both targets are still in play at either the strong support zone at 2368-72 SPX with rising wedge support, the ES weekly pivot, the 50 hour MA and the daily middle band, or a retest of the rally high at 2390. I’m expecting to see one of those targets hit today and and am leaning bearish, though without any great conviction. SPX 60min chart: