The massive move-up in crude oil on Monday created a new dynamic for this in-the-news market. The move to two-month highs completed one of our favorite major technical formations, the double bottom bounce..
Adam Hewison made a new video on Crude Oil, discussing cycles today, that fits nicely into the strategy I talked about in my article, “Crude Oil Price Forecast, and the US Dollar Rally.” It shows how the Marketclub Trade Triangles can be used to trade crude oil profitably.
In the power-trader newsletter, we’ve been talking about the move lower in crude oil, and the correlation with the uptick in the U.S. Dollar. Today, crude oil broke below a very important trend line / rising channel, indicating further weakness in the commodity.
I like being direct. Today’s 5% move which should be a sign of market strength is nothing but a typical bear market counter trend rally; at least it is for now. S&P 500 (SPX) Forecast
