Crude Oil Inventory Reaction
Yet another private inventory buildup hits the market as crude oil traded higher into resistance on talk of more OPEC production cuts, as oil demand is expected to be weaker in 2020.
Yet another private inventory buildup hits the market as crude oil traded higher into resistance on talk of more OPEC production cuts, as oil demand is expected to be weaker in 2020.
As we linger, test, re-test, and wait, the ES, NQ, YM, and RTY are offering varying degrees of shorting opportunities for us. I get into detail on those zones and risk considerations and what instrument to consider in each zone in today’s update.
In this video, we look at the current levels of the market and where we might go. We have a lot of big name earnings, so prepare for some volatility.
When looking at the sector weighting of the S&P and Dow, financial are significant. As the YM and ES are nearing their own overbought resistance, financials (XLF) are setting up the same.
Lots to focus on as crude oil sinks, bonds too (although the bonds could be setting up another buy). Daytrading has been tough, but there’s a good reasons and it’s why we’ve been focused on the daily time frames. And finally, where are the long setups in a market that looks a little tired at the highs?