Headfakes Ahead

With oil on track to our downside target, it suddenly shot up 4% from its overnight lows on rumors which were immediately proven false while failing to drop even a little on quite bearish API inventory.  What else is new?2016-08-24 CL 60 0630

While SPX broke out of the tightest falling channel it had going, it still failed to make new highs.  This says a lot about the kind of “market” we’re in now.

Our analog continued on track, with the biggest current question being where the next rise begins from.

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