Monday, August 14, 2023

SPX, INDU, OIL: Oil Approaching March Upside Target

First, I'd intended a couple more charts, but Stockcharts did that thing where it lets me write a bunch of stuff on the chart and then just deletes it, after which it displays a .gif of Kamala Harris laughing hysterically.  So I ran out of time and we'll have to settle for three charts.

We'll start with oil.  I'd called the bottom at 64.36, but that turned out to be a few pennies early, though the larger count shown then appears to have been correct, and I haven't moved anything (included the "2?" which I should have moved but forgot on my second attempt to get Stockcharts to accept my edits):

For our near-term proxy, we'll use INDU again (SPX would be expected to track):

Finally, SPX has remained stalled at the very long-term trend line, which may prove to be quite significant as time goes by:

In conclusion, we have a fairly clear zone to watch in INDU, and bull hopes are better served by staying above that zone, while bear hopes are best severed below it.  Trade safe.

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