After two days of bucking the 6 month down-trend in prices, the decline sets it once more in oil. Can 54 hold? It's been tested 3 times and so far HAS held. However, if it fails after 3 tests, it means much lower pricing - as in - the 30's are possible.
Let's look at it the other way - what if 54 DOES hold? Does that mean all-time highs again for the market? IF, and I do mean if, oil holds 54 - yes, there will be new all-times highs for SPY. Watch 54 carefully, it's an important fulcrum.
Let's look at it the other way - what if 54 DOES hold? Does that mean all-time highs again for the market? IF, and I do mean if, oil holds 54 - yes, there will be new all-times highs for SPY. Watch 54 carefully, it's an important fulcrum.