SPDR S&P 500 (SPY)

[thefranchise]

Love that shooting star on the monthly. Was about to post to you what you thought about the hammer as well. First solid close below 9ema and we get a hammer. I just cut my UVXY shares in half took some profits. Anyways With that monthly hammer looks like Sell May might be in full effect.

Also , I mean how much higher can oil really go? The daily on crude futures is into the 70s now on the daily. Production is still ultra high. We're going into peak seasonality for the year as well. Eventually it has to come down a few bucks, same as SPX has been doing the past couple days.

Adding to oil is the dollar. Dollar could go down a bit more, but that's going to cause turmoil for the Yen and Japan which will cause turmoil for everyone else as well.

Either way, the reasons for up are few and far between as they have been for the past 2 months, so I guess that doesn't matter much. Only difference is we're still only down 50 points off a 300 point rally, or 2% correction.. Same with oil.

Monthly being a shooting star and staying under that 9ema gives more confidence.