After the “crude shock” from Sunday, which sent oil prices ripping over 5% higher, equities immediately followed. Both ES and NQ were up healthy double-digit amounts. And then……..
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Crude Oil Roars Above Resistance
Looking For Retracement Here
Yesterday was a an unexpected trend day. Usually trend days arrive on Stan’s cycle trend days but not always and yesterday was one of those exceptions. The double bottom targets that I gave on Monday morning for ES, NQ & TF have now all been made, and obviously this move is developing faster than I was expecting. This increases the odds of making the next significant high in mid to late December rather than January.
The trend day yesterday clarified the pattern setup here nicely on NQ & TF. Less so on ES, but that too is likely setting up for some retracement here. The obvious target would be rising support, currently in the 2218 area. ES Dec 60min chart:
Crude’s Intraday Top
The last bastion for bears these days appears to be crude oil. Now that the OPEC cat is out of the bag, we can actually focus on simple economics, and it’s pretty clear that the worldwide glut in oil isn’t about to abate. Looking at the intraday chart, I’d say oil is ripe for some more slippage.
With and Without
Good morning, Slopers, and welcome to a new trading day.
It’s the same old deal with equities – – lifetime highs across the board. I must say, though, I’m quite taken by energy once again. Take a look of this crude oil chart, and note the circles in particular:
