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US OIL Daily Chart:
Are we finally seeing a breakout? Technicals look strong here as we break through the last few months range.
With strong economic growth data out of the US, could oil demand take is back to the 80s?
EdgeFinder also giving us a confirming signals. Looking for longs!
- Nick
Are we finally seeing a breakout? Technicals look strong here as we break through the last few months range.
With strong economic growth data out of the US, could oil demand take is back to the 80s?
EdgeFinder also giving us a confirming signals. Looking for longs!
- Nick
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USOil is up over 1% today as uncertainties rise in the markets and demand grows in the energy sector. There is an increase in oil consumption which has caused less oil production cuts in anticipation of this added demand. It looks like the commodity could try to test the mid $70s range if it can hold above resistance at $72. Oil has hovered near the bottom around $67 and broke through a sideways channel on the 1D timeframe. We will likely see today whether or not this trend has been broken.
- Frank
Data from the EdgeFinder
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- Frank
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Tech stocks came back from the pre market highs and are moving towards break even. With NVDA up over 2%, the tech index may have a chance, but everything is falling this morning so the NASDAQ may be stuck making swings both ways today. The indices do look to be in a prime spot for recovery back to the highs, and that strategy has worked all of 2024. It might not be a bad idea to look for a bounce here.
- Frank
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- Frank
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Retail sentiment is showing an increase in bulls from the options market. The put/call ratio is almost near extreme greed area. This means that the market could be about to pull back.
- Frank
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- Frank
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Smart money is not buying indices, but they are buying dollar, T-bills and oil. They are likely buying DXY and treasuries because rates are likely to stay around this level for the year and they can lock in some yield.
-Frank
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-Frank
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ISM Manufacturing data comes out tomorrow and is expected to come in 0.1 units lower than last month. Manufacturing data is not as important as Services PMI which is going to be released next Tuesday. A relatively similar Manufacturing PMI is probably not going to affect the markets at all.
-Frank
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-Frank
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DXY (Dollar Index) Daily Chart:
Solid uptrend, with a bit of a pullback potentially starting to form. I like the idea of looking for longs should we see further weakness.
Price remains in a very strong uptrend, following upbeat US economic data recently. Additionally, the fed seems to be in no rush to cut rates, compared to G7 peers - who may need to begin cutting rates more aggressively. This, on a relative basis, continues to support a stronger US dollar.
- Nick
Solid uptrend, with a bit of a pullback potentially starting to form. I like the idea of looking for longs should we see further weakness.
Price remains in a very strong uptrend, following upbeat US economic data recently. Additionally, the fed seems to be in no rush to cut rates, compared to G7 peers - who may need to begin cutting rates more aggressively. This, on a relative basis, continues to support a stronger US dollar.
- Nick
π22β€12π10
NASDAQ Daily Chart:
Is the bull set to continue? Tech stocks continue to look strong, especially following today's weakness in the dollar due to Trump's less intense stance on Tariffs towards critical imports and allies.
Technicals wise? We look great. The recent retracement is now showing signs of potentially breaking out higher. I remain bullish and long unless we break key support (as shown in the attached image)
- Nick
Is the bull set to continue? Tech stocks continue to look strong, especially following today's weakness in the dollar due to Trump's less intense stance on Tariffs towards critical imports and allies.
Technicals wise? We look great. The recent retracement is now showing signs of potentially breaking out higher. I remain bullish and long unless we break key support (as shown in the attached image)
- Nick
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