US Oil Hit new highs this year and touched Supply. I won't be surprised if Oil will drop by the end of this week. The US Dollar Index has been lagging for a long time that it finally dropped today.
There is a very high probability that the markets (SP500 and DOW30) is going to correct next week. There are a lot of high impact news next week and the markets will do whatever it wants to do at the end of the day. Overall, the markets like the SP500 are still in an up trend and if 3026.2 breaks, the continuation of the markets like the SP500 will keep...
The SP500 dropped 291 points from the last high which is close to 10% correction. It broke key demand levels on the other hand. However, since price is at demand, there's definitely an apportunity for buying. Overall the SP500 is still bullish.
Verdict: Long
My Bullish view of the SP500 is no longer in effect despite the LH on the Weekly failed. Yes at one point, buyers left and sellers took over. With news, buyers did come back in the end. As a result, for the past 2 weeks, buyers were in control that it created new highs. The question is, who are these buyers? Institutions or Retailers? I can guarantee you...
The SP500 dropped more than 2% last Monday and rebounded from the strong area of demand between 2692 and 2697. Price were settling at a level of demand of 2720. The SP500 is currently .8% (as of right now). If it closes strong today, the SP500 will potentially retest 2790. The major supply will be at 2790. If no one is willing to go beyond this high, my...
