The big news yesterday was CL tagging our upside target during the session. It was enough to prop up SPX, but not break through the former high.
The daily chart shows the bounce off the mid-March lows.
USDJPY loitered around the channel bottom all day, managing to close below the SMA100 (119.23) yet again.
So, if you notice it takes a few more bucks to fill up the Family Truckster this weekend, at least you can take solace in the fact that you helped the S&P 500’s losses remain tiny at only 1.64 pts.
CL is now 30.4% higher in the past month, 14.6% in the past week alone — all in the face of daily news blurbs heralding huge excesses in production and storage supply. Gotta love an unrigged market…