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Wednesday, May 14, 2025

OIL, SPX, COMPQ, INDU Updates

A number of readers have asked me to update oil, since it performed basically as expected since the last time I updated that chart (a year ago).  I've been hesitant because I don't like this pattern one bit... plus I have a ~14-year win streak going on this chart(!) -- and I would hate to mess that up (winks). 

So the two main options that jump out in oil are as noted on the chart:


Next, SPX is back to one of its last remaining resistance zones:


COMPQ has also reached its next potential resistance zone:



Big picture, INDU is still performing in line with a pattern we've been tracking for a year and a half now:


In conclusion, a number of markets have reached potential resistance zones, so we'll see if there's a pause and/or if bears can get anything going, even near term.  Trade safe.

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