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.
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.
All eyes are on the Fed tomorrow which has the potential to be a market moving catalyst. I have no helpful insights into what remarks to look for from the release, but I can outline the current stock market technicals to help you create a plan for the reaction.