Equity Sell-Off Hits: Crude Oil Surges | Market Update

Crude moving higher

Let’s just dive right into the Nasdaq futures chart this morning, the daily chart is once again retesting the 20215 bull/bear line and a close below here will give the sellers the advantage once again:

Same story for the SP500 futures except they are a bit stronger technically than the Nasdaq because our bull/bear line is at 5750 and we are 25 points above that level. We would need a daily close below that, so we like to look at both markets in tandem but sellers are here early on:

Another chart we are continuing to watch is Crude Oil where the bulls are targeting the 38.2% fib retrace. We know the Trump administration is hell bent on targeting Venezuela and Iranian oil exports, this is adding fuel to the price acceleration. We are also seeing a larger decline in US crude stock piles so these supply constraints and sanctions are resulting in Crude Oil rising:

Finally here is the last technical chart we want to look at, we warned of a stop hunt and run above 5.25 in Copper. Well we are getting that move today and if we get a close down back into our major resistance band highlighted in green below then it may indicate Copper has blown out enough of the initial weaker shorts for now and real sellers are stepping in:

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