My market update video from last week. Subscribe to my Youtube channel if you want no delays between posting and you seeing my videos – thanks!
Descending Channel -What Everyone is Watching
The market hit the descending “channel” that I’ve outlined in previous updates. And we have a 2nd day in a row of weakness brewing. Oil is down. The rally in oil and oil stocks (Chevron and ExxonMobil are big parts of the Dow index) have helped the market rally since February.
But now we may have some weakness. The only problem with that, and this might be overthinking it, is that many chart watchers see this channel. And the market may try to buck the obvious.
We will see. For now, let’s watch to see if the market can rally back above 2046 or if we make lower lows off of this recent lower high in the price of the S&P 500 index (ES mini contract featured).
For trading purposes, it makes a nice short entry with an obvious stop a bit above the recent high around 2046. Controlled risk – I like that. No guaranteed profit but all we can hope for is controlled risk.
How are you seeing things? Let me know in the comments below.
Thanks for watching!