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Wednesday, July 12, 2017

Stock Market Update 7/12/2017 Oil breaks out

The title of today's update is deceptive, because although Oil broke out to a new recent high, it seems to be trading in a bearish pattern, and I plan to take profits in 3X Leveraged Oil and Gas ($GUSH) ASAP.

$SPX wants to go higher

I got 2 views of yesterdays pullback on the $SPX: 2 min chart: Reminder, I had a 2015 target on this pullback?

$SPX 1 min view - support becomes 2424. Resistance @ 2436

Bears who didn't cover on yesterdays rebound, are trapped, while the retail bears who took my advice not to trade yesterday (minus financials), missed nothing, have nothing to worry about. I would continue to sit on your hands, until we see something more tradable.

Looking at the 60 min SPX the market is not breaking out, and the 2436 level isn't a breakout. Better to just watch from the sidelines, for the time being. 

$INDU - The Dow closed absolutely flat, and futures up slightly all night, and that's no coincidence. This market is absolutely being rigged on light volume. 

If we see another pullback today, watch the 12340 level.

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