JDBETS

JDBETS

Based on the weekly chart, Bears are making a strong push to break the last few months of upwards momentum. Based on the cloud and RSI, this week could signal a stronger push to retest some key levels on the downside throughout the summer. The biggest hurdle in my opinion is to first break the "eye test" of 3000 and make its way down to 2800. At that point, it...

JDBETS

Low liquidity and limited storage caught WTI by surprise at the end of April... Now we face the same known factors trading with lower volume. It will be interesting to see how this closes out. My main question to the market: if there is truly a bullish push on oil, why are the future contracts not rising at a faster rate? Have we reached the new "peak...

JDBETS

With the WTI June 2020 contract expiry date of May 18, I think we will begin to see a realization that many traders will need to dump contracts before physical settlement. Cushing storage is quickly approaching max. working capacity, with many reports stating all storage is leased and spoken for at the facility. The oil glut for May delivery caused USO to dump...

JDBETS

The Market had a robust bounce over the last few weeks thanks to the FED and optimistic bulls. As reality begins to set in and more economic data is published, the Market is starting to understand the recession is more than real, and the "new normal" involves continued social distancing, red tape, and a lot of jobs lost (and a realization that virtual work is...

JDBETS Updated 

The Bulls were not able to break through the 0.500 - 0.618 resistance zone today. Based on the analysis, there may be steam left to push towards 2800-2850 before a market sell off. Lots of uncertainty surrounding the OPEC meetings / production cuts going into the weekend could be a main driver for investors to take profits and limit long exposure over the...

JDBETS

The S&P is bound to test a significant resistance somewhere between 2400-2450. As timing is impossible to know, based on current trends, I would suspect the general market prefers not to take any risk heading into the post-market weekend given the fluidity of COVID19. Point I: Crude Oil had its best gain ever today thanks to riding on the back of one POTUS...

JDBETS Updated 

First attempt at a post... SPX hit resistance with today's rally shortened prior at close. Let's see if the market aims to take weekly profit to offset earlier losses this month. Unemployment data and delays to stimulus should continue to shore up uncertainty on the overall health / economic situation. This is for educational purposes only and should not be...