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Good Wednesday Morning, MPTraders! July 22, 2017-- Pre-Market Update:Today's session will be all about Oil Prices, the reaction of the indices to Oil prices, and the runway to big tech Earnings Reports from TSLA, GOOG, TXN, and NOW after the close...First Up: September Oil prices are climbing, which shouldn't be a surprise considering we have been discussing the bullish pattern potential for a run to 93-95 since last Friday... September Crude Oil is up more than $3/bbl and nearly 4% this AM, hitting a 6-week high at 88.61 so far as the advance from the 7/02/26 low at 66.
The market is trading flat on the day after moving down at the open and then back up in the afternoon. We are still trading under resistance, and the action up off of the low still remains corrective in nature. This action keeps the parameters I laid out yesterday unchanged, and as long as we continue to remain under resistnace my base case is still that we will see this resolve lower before breaking out to new highs.
Well, to answer the question in the title, I would say “no,” but the action we are seeing in GDX has made it more likely since we have broken through 77.So, let’s start with GDX. In order for us to see a lower low, I had to come up with a VERY creative count. And, when I say a “very creative count,” it means it is not something I would be trading aggressively. Rather, it simply means that if we are blessed with a lower low you would simply add more positions to the long-side.
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