Tag: USO

Scandinavian Capital Markets

Market Update 3/9 – Nasdaq Holds and Crude Oil Reverses

That was a blowoff top in crude oil. Interestingly, resistance came in at the same parallel that nailed the Gulf War high in 1990. I’m not going to get into detail on the near term charts just yet other than noting 97.60s for support and 115.50 for resistance. Also, USO completed a high volume 2 day reversal. This last happened in September 2019 (see below).

Scandinavian Capital Markets

Market Update 12/2/2021 – More USD Bearish Signs

We got a prediction headline. The following is courtesy of the WSJ. Whether Omicron Wreaks Havoc or Not, the U.S. Dollar Is a Buy

Prediction headlines indicate extreme confidence in the direction of the trend. This is the same psychology that led to Powell capitulating on inflation. I’m extremely bearish the USD. Whether or not we get a spike higher following NFP is a complete guess but pay attention to this short term channel in USDOLLAR. A break below would serve as the ‘all clear’ that the USD is about to dump.

Scandinavian Capital Markets

Market Update 11/30 – More USD Topping Evidence

The DXY high is right on the trendline that was pointed out last week (see chart below for the full picture)…we may have just seen a major top. Trading wise, I’m looking towards 93.30/50 with 95.20s as a possible bounce level. The lower zone is channel support. That will be the big test. If DXY is a bear then 96.20s should provide resistance.

Scandinavian Capital Markets

Market Update – June 25

SPX initial downside focus is 2888, which is 2 legs down from the June high and a well-defined horizontal level. Notice how price churned around the red line on this chart for most of June before turning sharply lower today.

Scandinavian Capital Markets

Market Update – June 16th

I’m thinking that ES carries into 3110/37 before encountering stronger resistance for another leg lower. The zone is defined by the 61.8% retrace and underside of the line that crosses pivots (high and lows) since 2018 (red line).

Scandinavian Capital Markets

Market Update – June 12

Finally something else besides ‘melt-up’. Index action in 2020 is basically straight up or straight down. Once the market picks a direction, it goes quickly in that direction without much of a counter reaction. In ES, pay attention to 2976 for a bounce. If it does bounce, then note 3065 for resistance. IF a larger reaction materializes (which would be a change) then 3137 should provide resistance.