The E-Mini S&P 500 continues to march higher after forming a recent low at 1553.25, and I’ve had my sights set on a retest of the 1600 level. I mentioned before that after a steady decline like the one we’ve had since last Wednesday’s, there is a tendency for the market to get a reaction rally. It’s what happens after the reaction rally that gives us a better sense of upcoming direction.
Typically speaking, when the market breaks a major technical support level, a retest of that level from underneath is usually sold, thereby sparking a bigger round of selling. If this case doesn’t play out, however, it will tell me the market remains extremely bullish. Only time will tell.
Crude Oil traded quietly throughout the session Tuesday, but could see a major breakout opportunity ahead. Here’s the setup that’s showing the tell..
Crude Oil has been on a bullish tear since forming a double-bottom and rallying off the $75 level in early October. Since then, Crude has reached $110, and could be headed higher. Here’s why..
Crude Oil is testing significant resistance after rallying from critical support between $75 and $75.75. However, will buyers push price through $90? Here’s my take..
