Wednesday, May 22, 2024

SPX and Oil: No, I Didn't Forget!

I'd intended to update oil on Monday, but I forgot.  However, shortly after I published, I remembered.  So, does it still count as forgetting if you subsequently remember?  I don't know, so I'm sticking with today's title.

Oil has traded in a range since its last update and thus far failed to form a complete impulse up, so there really isn't any big breaking news there:

SPX managed to meander around a bit, but I'm not sure that's good enough to mark ALL OF 4 and 5, so I still suspect those waves are out there, lurking in the future.

In conclusion, no real change in SPX:  Caution is not unreasonable, but the odds probably still favor that the next correction will ultimately culminate in new highs.  Trade safe.

No comments:

Post a Comment