Welcome to a new week, everyone. Looking at the intraday chart of the ES, it seems we’ve gone from a “straight up” mode (in green) to another “well, now what?” mode. There’s clearly nothing particularly bearish about this; it’s merely a point of uncertainty which, barring another completely fake, self-serving 37 minute coup d’etat somewhere, is dependent on earnings.
For me, the bright spot is crude oil, which is just about the only thing red. I’ve made arguments for crude oil’s weakness many times recently, and the key this week is to break that 44.50 level with some gusto. The highest concentration of shorts I have is in the energy sector.
