sub 2700 stops were triggered yesterday followed by a strong intraday reversal. Not only is 2700 psychological support (nice round number), we also tested lower rising channel/trendline support. Potential to rally up back towards the 2850 area into the election. But longer-term cycles are rolling over w/ next 18 month low due Jan/Feb next year. Manage risk...
Brent vs. WTI spread continues to remain strong and pulling up the value of Gulf Coast crude, which in turn is driving erosion in Gulf Coast crack margins (represent by blue line on the chart). Valero stock price (candlesticks on the chart) is reacting to deteriorating refined products margins. Bearish until crack spreads reverse course.
After the false trendline break earlier this week, $NVDA has done nothing but act like it's on a mission from GOD, blowing through all prior resistance levels unabated. This remains the chip stock to own for the long haul...
NVDA looks to have formed a lower high on waning momentum and is now testing long-term trendline support. This comes off the back of its quarterly earnings report, which was quite stellar for the trailing quarter, but disappointing on forward guidance. NVDA subsequently traded lower as a result.
While I think this stock is the blue-chip to own in its industry...
