Crude oil futures (CLZ22) closed sharply lower on Thursday to set the lowest daily close since late September. The daily is starting to reach slightly oversold conditions and, at first glance, a case could be made for an inverted head and shoulders pattern. That analysis is quite a stretch realistically. The weekly chart is forming … Read more
TECHNICAL ANALYSIS Dow Jones Industrial Average Weekly HLC The DJIA gapped higher on Monday and held rallies throughout the week, ending with a 5.72% gain with a rally of 829 points in Friday’s session. Prices are now up 14.4% off the recent lows as the weekly starts to turn up from slightly oversold conditions. The … Read more
TECHNICAL ANALYSIS VIX Daily The DJIA closed the week up 1.6% in a whipsaw trade that saw the cash index hit a new intraday low for the entire decline from the highs…then testing the previous weeks highs, prior to losing ground on Friday to settle down 404 points. The S&P, Nasdaq and the FAANG all … Read more
TECHNICAL ANALYSIS The US Dollar has nose-dived and spiked off the recent highs after prices pulled up just shy of the long-term monthly targets outlined in the last update at 11676/11939. The current intraday high print is 11477, set last Wednesday, and since then the market has swooned…retracing over 62% of the rally off the … Read more
TECHNICAL ANALYSIS November soybeans (SX22) took a dive late last week to carry the contract to the lowest levels since early August. As the now lead contract on the weekly continuation, SX22 has taken spot prices to the lowest levels since mid-January of this year. The sharp breakdown on the weekly spot chart is opening … Read more
TECHNICAL ANALYSIS Crude oil futures (CLZ22) closed lower on Friday the 30th, ending the month of September down $10.06 a decline of 11.24%. The DEC futures pulled up short of same targets in the 7276/7212 area before getting a bounce back above $80 mid-week before settlings just below that level Friday. On the weekly, the … Read more
TECHNICAL ANALYSIS The DJIA saw a minor reprieve form the selloff in the critical timing window outlined in the last update and plunged again late in the week to close down 2.93% for the third straight week of steep declines on the weekly. For the month of September, the DJIA was down 8.84%…the worst monthly … Read more
Crude oil futures (Z22) closed fractionally higher on Friday and settled week down just under $2 for the nearby futures. The near-term technicals are neutral while the intermediate-term still lean toward a bearish posture. December futures are flagging to the side of the most recent test of intermediate-term support against the 8173/7884 area. As outlined … Read more
TECHNICAL ANALYSIS The DJIA ended an outside week down with a -4.13% loss. Friday’s trade took the index into the previously outlined ‘last-gasp’ support area at 30810/30680. The action filled in the gap that has stood on the daily chart in that area since July 15th. A late rally took prices to close near the … Read more
TECHNICAL ANALYSIS Crude oil futures (DEC22) spiked higher today on the heels of Thursday’s bullish reversal and the daily now looks like a potential bear trap as Wednesday/Thursday’s trade took out both the August and July lows and carried DEC22 futures to the March lows. DEC22 Crude Oil Daily DEC22 futures have dipped into an … Read more