If you’ve been under a rock lately, you might be surprised to find oil 10% higher, the world on the brink of a new Gulf War and the stock market not ramping to new highs over the weekend.While higher oil prices are usually a net positive for stocks, this is one of those stark exceptions. Injecting much higher oil and gas prices into an already rocky global economy is not a great recipe for profitability.
The algos are working to hold ES’ “breakout” above its channel top and SMA5 200, but things could change very quickly once the cash market opens. Our analog should get a pretty good shot at playing out today.
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