Turnaround Tuesday: Looking at WTI Crude Oil

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From November 2022 until the present, what do you see?

Bulls will see strong bottoms around $65.

Bears will see major tops between $90-$95.

Opportunists will see volatility and a reason to sit aside as at $73-$74 oil is in the middle of the range.

I see a neutralizing slope on the 50-DMA (blue).

I see a flat slope on the 200-DMA (green).

I see major support around $72 and good resistance at $80.

I also see a fundamental powder keg.

Between the newest Hurricane and the Middle East potential for disruption to Iranian oil fields, this is hardly the time for complacency.

In fact, thank you China for selling off, as this might have given traders a cheaper entry in oil with a good risk.

What will we do?

The simplest plan is to look at $75 as pivotal.

Bullish above, negative below.

Then, over $80, bulls can build the position.

Below $70 bears can rejoice.

Except for a few stocks, the Economic Modern Family remains in a sideways range.

And for now, so does crude.

 

Educational purposes only, not official trading advice.

For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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Mish in the Media-Want to see more? All clips here

Podcast with Geoff Identifying Reliable Bases with Big Potential 10-08-24

Phoenix TV China What Do China Investors Want to know? 10-07-24

Phoenix TV China Will the China Rally Continue? Mish covers the recent run and what to expect next 10-07-24

Business First AM Mish covers the consumer and what’s on sale right now. 10-04-24

CNA Asia First Mish starts at minute 14 when they announce her crystal ball and then it continues at minute 17:11 October 1, 2014

Stockpick.app Clip on why we should not panic yet 10-01-24

Weekly Podcast Geoff Bysshe and Mish All about the importance of the 200-week moving average 09-30-24

BNN Bloomberg The Open Mish sits with Amber and gives you very specific factors to watch 10-01-24

 

Coming Up:

October 7, 14, 21, 28 Podcast with Geoff Bysshe

October 9 Markets Misbehaving with Dave Keller

October 9 CNBC Asia Capital Connection

October 10 Wealthwise Jordan Kimmel

October 16 Real Vision

October 18 Maggie Lake

October 24 Live Coaching

October 29-November 4 Vacation

December 5-7, 2024 Money Show Master Class

Weekly: Business First AM, stockpick.app

 

ETF Summary

(Pivotal means short-term bullish above that level and bearish below)

S&P 500 (SPY) 565 support 595 resistance

Russell 2000 (IWM) Range 215-225

Dow (DIA) Inside day so still a bit vulnerable up at these levels

Nasdaq (QQQ) 485 pivotal support

Regional banks (KRE) 52-55 support zone

Semiconductors (SMH) 240 support 255 resistance

Transportation (IYT) 67.00 pivotal

Biotechnology (IBB) 140-142 support zone

Retail (XRT) 75 pivotal

iShares iBoxx Hi Yd Cor Bond ETF (HYG) 79.50 failed so watching for risk factors carefully