WTI Holds Key Trendline Support
WTI futures tested and held a key uptrend line for the third time in 2 weeks yesterday. And while the trendline is supportive of prices, the price action remains bearish and the odds of a break-down are rising.
Author Archive for: Tyler Richey
Entries by Tyler Richey
S&P 500 Price Action Remains Bearish for Now
The S&P has consolidated Tuesday’s selloff over the last two session as focus has been on the Healthcare vote. But technically speaking, price action will remain bearish until futures can reclaim the 2350 resistance area.
Gold Rally Pauses at Key Resistance
The post-FOMC gold rally met resistance between $1250 and $1255 yesterday as both the dollar and stocks stabilized over the course of the day. Breaking to fresh highs is critical for the 2017 gold rally to remain in tact.
Dow Transports Flash Warning Sign
After the S&P violated its post-election uptrend Monday, the second bearish technical development of the week occurred yesterday as the Dow Transports made a “lower low” on the weekly chart, the first of four such “prints” needed for Dow Theory to turn bearish.
S&P 500 Violates Trend Support
The S&P 500 is showing signs of fatigue as one version of the post-election uptrend line was violated yesterday. Initial support at 2365 is now the most important support level to watch in the index as a violation would likely mark the beginning of the first pullback in the Trump-Rally
10 Yr. Note Yield Plunges Back Into Range
After another “headfake” earlier this week, the 10 year yield dropped sharply lower back towards the middle of the recent, multi-month trading range as the FOMC was received dovishly by investors.
S&P Approaches Tipping Point
The S&P 500 held on to initial support at 2365 yesterday, albeit barely as the index has approached a tipping point with a key multi-month trendline.
Doctor Copper Confirming Equity Strength, For Now.
Copper Copper futures are continuing to hold their post-election gains and for now, confirming the strength in stocks based on the thesis of robust economic growth and increased infrastructure spending by the new administration.
What’s Next for the Dollar? (Chart)
Dollar index futures finally broke out of a multi-year trading range after the election, but may have potentially just found a new set of trading boundaries between 100 and 104. From here, it all depends on the Fed.
Oil’s Huge Selloff: Chart
After trending sideways for roughly two-and-a-half months, oil prices finally broke down out of their recent trading ranges yesterday, and in a big way with 5% drops in both WTI and Brent.