Key crude oil, S&P and NAZ futures technical levels

S&P futures have resistance at 2076 and 2082.75. Downside target remains 2030.25.

NASDAQ resistance clear at 4376.25. Targets start at 4250.

Crude oil should keep pulling back. Support / targets are 42.57, 40.43, 38.70 and 36.96.

The strategy is to hold UVXY until 2030.25 or 4376.25 are tested on downside for ES and NQ respectively.

Crude strategy is to hold DWTI until at least 42.57 is tested on June contracts for the underlying commodity.

Read More
Comments

Crude top-of-the-hour update

Crude closed the hour above the 44.65 resistance - indicating to us that the very, very short-term bear stance may be wrong. However, we do see - even though we're wrong overall - a pullback to 44.30 (from 44.83 ...

Read More
Comments

Short-term outlook for stocks

We are hitting the lower edge of our projected upside resistance range now.

We now feel - based on the patterns / waves that have traced out on the chart - that the market will top at or very near current levels just ...

Read More
Comments

That being noted, look to buy dips on intraday basis until 2094 is touched

...the first level at which new longs can be initiated would be 2059 and then 2053

Read More
Comments

Updated outlook for stocks / stock futures

The chart below shows the S&P e-Mini futures (currently at around 2065).

  • My feeling is that we should see them continue up to the 2094 - 2107 range for the current wave higher (wave (v) of iii of 3). That should ...
Read More
Comments

Crude chart dictating this morning's moves

Thinking crude bounces off of wave "(((iii)))" low and up to 39.13 to 39.75 before going back down.

We covered our hideous short position this morning and turned and went long via UWTI in anticipation of the continued ...

Read More
Comments

Why stay short of crude right now?

Should be nearing a 3rd wave top and commencing a 4th wave pullback soon. Two possible targets for the puck are 36.07 and 35.59 - either of which would put us in the black for the current DWTI long.

Read More
Comments

Where to buy?

While we remain patient in waiting for a pullback in crude in which to sell our crappy DWTI position, I thought I'd share the projected buy targets (very short8) for the equity futures. I'm looking at 1977 and ...

Read More
Comments

Anything resolved today? 1 of 3 things the bulls needed to happen...

The bulls needed to hammer three nails to secure the bears' coffin in the short-term:

1. Hold the 1900 level of support on the ES chart above (60-minute chart)

2. Conquer the 61.8% Fibonacci projection line - which acted as ...

Read More
Comments

Adjustment to ST outlook - VERY IMPORTANT

Good afternoon!

Every now and then, I force myself to try to look at things with "the other side's" bullish lenses on - just to be sure I'm not missing anything obvious.

Today, I looked at the monthly charts ...

Read More
Comments

UPDATE!!!

Getting hammered on this crude short. The big move occurred overnight while we were sleeping - unfortunately. We will be monitoring the action to see how we can minimize the damage and get on the right side of things.

In terms ...

Read More
Comments

Crude and the equity markets

So, rumors of Saudi / Russia collaboration caused a 15% rally off of last week's lows for crude and a lesser rally in sympathy by equities. The rumors of some type of action came to fruition overnight last night - but ...

Read More
Comments

Reviews Average Rating          

         
Excellent advice these last turbulent months...
         
Wide stop loss and small at profit taking but that's their style.
See All Reviews →