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Crude Selloff Up from Resistance near 39 coinciding with minor Equity Pullback

Not much change in Equities, a slight downdraft to start the week, which is not surprising given how prices closed out last week right near the highs-  Crude oil has retreated a bit from highs near 39, an area which DOES seem to have importance when looking at Monthly charts going back since 2014 peaks.  Key to note is that 37.20 marked last week's lows and a BREACH of that level would likely coincide with a bit of Backing and filling, which also, given the correlation with stocks, likely would be the catalyst that results in some consolidation also for the market-  However, for now, the breadth trends remain strong (see Weekly Technical Perspective, which was sent out at 5:30 am today and highlights some of the movement in A/D,  Summation index, Percentage stocks above 50 200 day ma. ) and despite being a bit overbought on hourly charts, really hasn't shown too much signs of damage of any sort-  Areas of importance for S&P futures lie at 2000-2 and then down near 1980 with 1968-70 being key to hold as support for this whole move up from mid-February, aligning with 37.20 for WTI-  For now, additional upside looks likely for S&P into FOMC, but any selloff would provide a better risk/reward to buy with upside targets near 2040, which lies near the highs of the Parallel Trend channel from early February

S&P trend from mid-FEBRUARY lows

S&P trend from mid-FEBRUARY lows