SELLOFF IN OIL SUPPORTS SPX
According to this spread chart, current price relation OIL/SPX and price movement are nothing new, they resemble late 90`s - like many other things (e.g. dollar strength, biotech bubble = dotcom bubble, or check blogs.barrons.com/stockstowatchtoday/2014/12/08/look-on-the-bright-side-dow-drops-100-points-small-caps-tumble-as-oil-craters/)
The peaks corelate with turning points in Gulf War and Iraq War.
The bottom of the spread could be distant another 10% at minimum, although now the spread could bounce from intermediate support and retrace last huge drop. However, both OIL and/or SPX have lot of time till their trends will turn.
The peaks corelate with turning points in Gulf War and Iraq War.
The bottom of the spread could be distant another 10% at minimum, although now the spread could bounce from intermediate support and retrace last huge drop. However, both OIL and/or SPX have lot of time till their trends will turn.
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