Latest Market Insights
After falling more than 11% in the first 3 weeks of March, crude oil finds itself re-testing a rising multi-month trendline extending back 12 months to April of 2016.
Short term momentum remains lower in the black liquid, and therefore caution is advised, but be aware longer term dip buyers could start picking away around this 47 area.
The small cap index, Russell 2000 $IWM just closed out a 5 point -2.74% range daily candle that cleanly engulfed about 50 days worth of trading.
I’m old enough to remember when moves like this would occur over multiple sessions.
I’l let this chart speak for itself.
After 14 weeks of moving sideways, the small cap index, Russell 2000 $IWM is back re-testing the December 2016 multi-month highs.
We briefly broke above this 138 area in late February, but ultimately couldn’t maintain higher prices for very long and traded back down towards the middle of the range.