Oil volatility is continuing to drop but has yet to break past its previous low of 26.85
Remember that rising channel that was supposed to be support? Yeah well it’s broken down now. As the saying goes, what was support becomes resistance. It will be interesting to see how SP500 acts around the 1370 level.
Australian dollar, which has typically moved with the S&P continues to show signs of weakness which isn’t positive for U.S. equities.
Disclaimer: Everything in this post is meant for educational and entertainment purposes only. Do not construe anything written in this post or blog as a recommendation.
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About Andrew Thrasher
Andrew Thrasher is a Portfolio Manager for an asset management firm in Central Indiana. He specializes and writes about technical analysis as well as macro economic developments.
