After the market closed today., their was news of downward revision Oil inventory to 495.6 million barrels which is a decrease of 8.1 million barrels and a change in expected U.S. oil production. As a result of this, Oil has risen over 2% in aftermarket hours. Whether or not this is a change in momentum is yet to be determined.
Considering the current state of the energy sector and our chart set up for REXX, this could have a big move or a medium time frame.
Chart Set Ups:
I may occasionally put some short trades out, not because I think we are heading for a recession or a correction but simply because I am somewhat skeptical of the immediate future. The market is at all time highs again but has had some recent problems holding that position.
We are currently in a trading range in the SPX. Both short and long trades could work in this range but because a direction has is not definitive, caution is the word of the day. The bulls would need to move and hold above the resistance line and the same below 2400 for the ... Read more
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Sector Rotation Analysis attempts to link current strengths and weaknesses in the stock market with the general business cycle based on the relative performance of the nine S&P Sector SPDR ETFs. Once you have identified the strong and weak sectors, you can the compare the results to a theoretical business cycle chart and - hopefully ... Read more
Momo Custom Scans
Each of the scans shown below was created as a result of hundreds of Educational hours I spent learning Technical Analysis and Trial and error with different scans. I have adapted my scans to with Momo traders in mind. Having said that, I welcome any critiques or suggestions. We are all here to learn together and that includes me from you.
OIL HERE WE GO AGAIN Every time when market suffers sudden fall in oil prices, it becomes a great opportunity for traders. Some big shifts in oil prices were observed in 2015, 2016 and now the same scenario in price falls continued in 2017. Oil faced a sharp falloff few weeks ago and this ... Read more