The past two weeks has been a delicate balancing act between a declining USDJPY and rising CL. Several times, TPTB have had the opportunity to break stocks out of the falling white channel from last November, but have passed — choosing instead to merely keep SPX in a relatively tight trading range.
Just yesterday, CL came within 0.45 of its SMA200. Instead of dashing across the goal line, it punted — only to face an even closer call this morning. And, like yesterday, USDJPY is rallying in the preopening hour, but without really making any serious headway. Will this be the fourth day of no follow-through, or are stocks actually ready to backtest a little?
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