RCKS, Thanks for the Oil lesson.. I have never followed oil or the metals. So I miss a big part of the market...But I have trouble just trying to do stocks...
RCKS, Thanks for the Oil lesson.. I have never followed oil or the metals. So I miss a big part of the market...But I have trouble just trying to do stocks...
"....SPX has now confirmed the expanded flat from December 8 on a technical basis, if not yet on an emotionally-satisfying basis (new highs would be more emotionally satisfying!)....."
On Monday, I noted that the opening gap down could still land inside the green melt-up channel, and that if bears couldn't break down below that channel, then the gap down wouldn't mean anything.
They didn't even come close.
COMPQ has continued rallying and now reached a "sneaky" potential resistance zone:
In conclusion, SPX has now confirmed the expanded flat from December 8 on a technical basis, if not yet on an emotionally-satisfying basis (new highs would be more emotionally satisfying!). It's very close and ideally will make it over, though the rally is a bit extended at this point, so we could see a pause and correction soon. If that happens at all, it would currently be expected to be just that -- a "pause" (not the end) -- but if that develops into an impulse down, then we'll look at the implications as needed. Trade safe.
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